August-September, 2004 Vol. 13 No. 8-9

Transcription

1 K VJ K F V HY U ugust-eptember, 2004 Vol. 13 o. 8-9

2 K VJ K F V Published by: K F V lovenska 35, 1000 jubljana lovenia tel.: +386 (1) fax.: +386 (1) elex: J -mail: bsl@bsi.si WF: J 2X ditorial oard: r. Janez KŠK, Vice Governor r. Janez FJ, Financial tatistics rs. anica PRVŠK, Central anking perations r. Janko RK, anking epartment Printed by: Geodetski inštitut lovenije, jubljana Publication and other public use of data from this publication is permitted subject to statement of the source. Publication is available on the Web. For PGP key see last page (print) X (online) a publikacija je na voljo tudi v slovenščini. 2 onthly ulletin, ug - ep 2004

3 K VJ K F V F C RPUC F V: General nformation. RY RVW xternal environment utput and labour market Public sector nflation developments alance of Payments oney and credit anking system xchange rate developments nterest rates. C oney and anks Financial arkets alance of Payments and xternal Position Real ector Public Finance. KG U V V. HGY dvance release calendar onthly ulletin, ug - ep

4 K VJ K F V RPUC F V: GR FR easured in: ate or period of data: rea km Population number Population growth 0,10 % Population density 98 number / km Population of jubljana number rigin of value added: 2003 griculture 3,2 % ndustry 30,9 % Construction 5,8 % ervices 60,0 % otal 100,0 % GP real annual change 2,5 % 2003 ndustrial production annual change 3,0 % julij 2004 otal employment annual change 0,7 % julij 2004 Unemployment rate ( definition) 6,1 % pril - June 2004 nnual inflation rate 3,3 % september 2004 General government: revenue 41,5 % P 2003 surplus/deficit -1,4 % P 2003 rade balance 0,3 mio UR julij 2004 P current account 42,0 mio UR julij 2004 nternational reserves 6.524,8 mio UR Foreign exchange reserves 6.334,6 mio UR et foreign debt 931,0 mio UR Gross foreign debt ,0 mio UR Currency unit: lovenian tolar () UR 1 = uro central rate and compulsory intervention rate for lovenia participating in R :* Upper rate: 275,586 Central rate: 239,640 ower rate: 203,694 atest exchange rates: 239, *in force as of 28 June onthly ulletin, ug - ep 2004

5 K VJ K F V. RY RVW xternal environment utput and labour market Public sector nflation developments alance of Payments oney and credit anking system xchange rate developments nterest rates onthly ulletin, ug - ep

6 K VJ K F V.- 2 onthly ulletin, ug - ep 2004

7 he declining inflation trend continued through the summer months, from 3.9% in June to 3.3% in eptember year on year. n the last two months prices have fallen by 0.6%. he biggest deflationary impact in ugust and eptember was contributed by seasonal factors a reduction in the prices of clothing and footwear in ugust and lower prices of package holidays, food and non-alcoholic beverages in eptember. n the second quarter, economic growth strengthened in the U and remained strong in the United tates. econd-quarter year-on-year GP growth was 2% in the euro area, 2.3% in the U(25) and 4.7% in the United tates. fter having risen until June, year-on-year inflation fell during the summer, reaching 2.3% in ugust in the euro area (2.2% forecast for eptember) and 2.7% in the United tates. il price movements remain unpredictable. t the start of eptember the price of oil initially began to fall before rising rapidly in the second half of the month to reach over U 50 a barrel at the end of the month. long with political and economic causes, oil price growth has also been influenced in the last two months by weather conditions in the Gulf of exico, which prevented stocks of heating oil from being accumulated ahead of the winter. Year-on-year GP growth in lovenia climbed to 4.6% in the second quarter of this year. he fastest growth was a 13.6% increase in gross capital formation, while gross fixed capital formation by just 6.7%. n increase of inventories contributed as much as 40% of the total GP growth, or 1.9 percentage points. he rate of growth of domestic final consumption continued to fall in the second quarter, particularly for households. Government consumption strengthened somewhat but still grew more slowly than the average growth rate last year. he contribution made by external trade to economic growth was negative (-1.1 percentage points) but substantially smaller than in the first half of last year, when it was -1.8 percentage points. n the context of rising export demand, industrial production has been growing since the second half of last year. Year-on-year growth in the first seven months of the year was 5.3%. Production of capital goods recorded the fastest growth and production of consumption goods the slowest. he current account balance improved in June and July. y July the total deficit had fallen to UR 26 million, or 0.2% of estimated GP. he improvement in the current account is due not only to the rate of import growth for goods and services falling more quickly than the rate of export growth but also to improvements in net investment income and current transfers. n financial transactions with the rest of the world outflows strongly exceeded inflows. he net financial deficit over the first seven months of the year climbed to UR 601 million, or 4.1% of GP. With the exception of direct investments and capital transfers, which have remained unchanged from last year, all other net outflows have recorded strong growth. he fastest growth is in foregin portfolio investments in and private sector lending abroad. he deterioration in the financial account over the summer caused excess demand for foreign exchange. his trend continued in eptember.

8 K VJ K F V 1. R VR 5 4 R GP (annual growth, %) UR/U XCHG R 3 Z U(12) R R (ibor, annual growth, %) 4 F (CP) (annual growth, %) 4 U (3 mth) UR * (3 mth) C (repo rate) UR * (1yr) U (1yr) U (12) U conomic growth picked up in the euro area in the second quarter, and remained strong in the United tates. Current economic growth in the euro area was 0.5%, while in the U(25) it was 0.6%. GP in the euro area grew by 2.0% compared with the second quarter of last year, and in the U(25) by 2.3%. xports again recorded the fastest growth (3.7%), followed by private consumption (0.3%). nvestment growth was also positive (0.1% compared with -0.2% in the first quarter). mports also grew strongly. he volume of imports rose by 2.9%, compared with first-quarter growth of 0.3%. Current economic growth in the United tates was 0.7% in the second quarter, while year-on-year growth was 4.7%. he fastest growth was in investments (2.9%) and exports (1.5%). Reduced growth in personal consumption (0.4%) and increased import growth (3.3%) contributed to economic growth being lower than in the previous quarter. Price growth continued to fall in July and ugust. Yearon-year inflation was 2.3% in both July and ugust, a fall of 0.1 percentage points compared with June. onth-on-month inflation fell to -0.2% in July before rising to 0.2% in ugust. onth-on-month price growth in the United tates was 0.2% in July. Year on year, prices were 3% higher in July, some 0.3 percentage points less than in June. U inflation fell in ugust. onth-on-month inflation was 0.1%, while price growth since ugust 2003 was 2.7%. he uropean Union labour force survey for 2003 reveals a total of million employees over the age of 15 in the U(25). he employment rate for year-olds was 63%, and 40.2% for year-olds. he highest employment rates were recorded in enmark (75.1%), the etherlands (73.5%), weden (72.9%) and the United Kingdom (71.8%). he lowest employment rates were in Poland (51.2%), alta (54.2%) and taly (56.1%). f the total number of employees, 10.3% were working part time. he proportion of women working part time in 2003 (16.5%) was almost four times the figure for men working part time (4.2%). he highest rates of part-time employment were recorded in the etherlands (32.8%), the United Kingdom (17.4%) and weden (16%), while the lowest rates were recorded in lovakia, Hungary, Greece and the Czech Republic (all less than 3%). total of 13% of employees had fixed-term contracts in % of all female employees and 12.2% of all male employees. pain (30.6%), Portugal (20.6%), Poland (19.4%), Finland (16.3%) and weden (15.1%) had the highest levels of fixed-term employment, while the lowest levels were in stonia (2.5%), uxembourg (3.2%), alta (3.6%) and lovakia (4.9%). total of 120 million people were employed in service activities in 2003 (62.4% of all employees) and 34 million (17.7% of all employees) in manufacturing activities. he average annual increase in employment in services from 2000 to 2003 was 1.7%, while manufacturing employment fell on average by 1.2% a year over the same period. il prices reached record levels during the summer months amid continuing uncertainty in the oil markets. he price of rent crude averaged U a barrel in July, 9.1% higher than in June. t the end of July it went above U 40 a barrel for the first time. trong oil price growth continued.- 4 onth ly ulletin, ug - ep 2004

9 K VJ K F V in ugust, with rent crude rising by an average of 11% to U a barrel. n mid-ugust it hit a new record of over U 45 a barrel. upply-side uncertainty stemming from continuing attacks on raqi pipelines, lower oil stocks in the United tates and the threat of bankruptcy hanging over Yukos, the Russian oil firm, all contributed to the record growth. n the second half of ugust the oil price fell back slightly from its record levels as raqi exports were restored to normal levels and fears of a shortage of oil on the world market subsided with PC showing its readiness to raise production levels if required. n the first half of eptember the price of oil averaged around U 41 a barrel. t the start of the second half of eptember it climbed back above U 44 in response to further attacks on raqi pipelines, a decision by Yukos to limit supplies to China as part of its dispute with the Russian government, and the spate of hurricanes in the United tates, which caused oil platforms in the Gulf of exico to be evacuated and prevented stocks of heating oil from being accumulated for the winter. nnual growth (%) nflation (CP) U (12) U Real GP U (12) U Central bank interest rates U (12) U ollar commodity prices: otal industrial il (rent, U/barrel) ug (1.8) 3.1 (4.4) otes: Figures in parentheses represent the forecast for the year as a whole. ources: Reuters, urostat, Consensus, C. 2. R CR conomic activity Year-on-year GP growth climbed to 4.6% in the second quarter. his is the highest level of growth in the last four years and it substantially exceeded our expectations. dditions to inventories contributed fully 1.9 percentage points to the growth, some 40% of the total. Gross fixed capital formation rose by 13.6%, while investments in fixed assets, i.e. excluding the accumulation of stocks, grew by just 6.7%. Final consumption continued to steady in the second quarter, this time on account of slower growth in household consumption. fter growing relatively slowly in the first quarter, government spending picked up slightly, although the rate of growth remained less than last year s average. long with the high level of inventories, also strongly at variance with our expectations were the strong growth in imports and exports of goods and services. rade in goods grew faster than imports and exports of services. ecause imports continue to grow faster than exports, the contribution made by foreign trade to economic growth remains negative (-1.1 percentage points), and was smaller in the first half of this year than in the first half of last year, when it was -1.8 percentage points. n line with the strength in goods exports, value added grew strongly in GP growth in % 01Q1 01Q2 01Q3 01Q4 02Q1 02Q2 02Q3 02Q4 03Q1 03Q2 03Q3 03Q4 04Q1 04Q2 onth ly ulletin, ug - ep Real GP nnual growth (%) Household consumption General goverment consumption Gross fixed capital formation xports of goods and services mports of goods and services xternal trade contribution* Value added Contributions (percentage points) griculture ndustry usiness services Public services the second quarter, expressed in fixed prices, in manufacturing (7.8%) and in transport (5.2%). trong growth in value added was also recorded in electricity, gas and water supply (8.7%), financial intermediation (10.6%) and health care (5.6%). espite figures pointing to strong second-quarter construction activity, value added fell year on year by 1.8%, mainly on account of relatively high prices reflected in strong deflators. Value added rose faster in manufacturing (by 5.9%) than in services (by 4.1%) for the first time in over a year Q * in percentage points ources: tatistical ffice of the Republic of lovenia; ank of lovenia calculations C XPUR GRWH in % Households Gross capital formation General government

10 K VJ K F V he current rate of growth of industrial production remains positive but after rising strongly in ay it fell back somewhat in the summer months. n the first seven months of this year the average year-on-year growth in industrial production was 5.3%, a substantial increase on the average for last year (1.4%). he fastest year-on-year growth from January to July was in the production of capital goods (8.7%), while the slowest growth was in the production of consumption goods (0.8%), for which current growth in July was negative. he strong growth in production was accompanied by an increase in inventories, with stocks of capital goods recording the fastest growth. otal stocks grew year on year over the first seven months of the year by an average of 17.7% UR PRUC (seasonally adjusted), (2000=100) he majority of activity indicators in other areas refer to June, which was included in the published data on value added by sector. Figures available for July point to relatively favourable economic trends. ased on seasonally adjusted data on the real value of work carried out, construction activity strengthened further in July, with the value of housing construction growing by more than 15% year on year. Housing construction is continuing to grow faster than civil engineering works, a trend that began in the last quarter of last year. t the end of the second quarter, retail sales growth, which was already steady, picked up even further, mainly on account of sales of non-food products, in particular, furniture and building material. t the same time, data on new registrations confirmed a steadying of the growth in sales of cars, although remaining at a relatively high level (17.1% year on year in June). trong second-quarter transport activity continued in July. nnual growth (%) ndustrial production nventories Productivity lectricity consumption Construction: - total - uildings - Civil engineering rade - Retail sales of which: - Foods - on-foods - otor Vehicles Hotels and restaurants: total - ccommodation - Restaurants ourism (overnights) season was characterised by relatively unfavourable trends; the number of resident tourists was particularly disappointing. n July the year-on-year growth in non-resident tourists was over 7%, but the number of overnight stays by non-resident tourists was unchanged from July last year. his was mainly on account of a smaller number of overnight stays by visitors from Germany and ustria, while both arrivals and overnight stays by visitors from taly, France and the United Kingdom grew quite strongly. Following a marked improvement in pril, the economic climate indicator has remained broadly unchanged, but the consumer confidence indicator is improving. While current estimates of the state of output and domestic and foreign orders worsened, forecasts for output and exports in the next few months saw a strong improvement year on year in ugust. ut as this turnaround is based on data for a single month we will need to wait at least another month before we get a definitive picture of improvements in the forecasts. lthough expectations of future developments in the labour market remain unchanged, consumer confidence has picked up after falling in the first half of the year. he labour market Jun (7) (7) (7) (7) (7) (7) ources: tatistical ffice of the Republic of lovenia; lovenian lectricity uthority; ank of lovenia calculations. umber in parenthesis refers to the month of last available data. he biggest contribution came from road freight, while passenger air traffic and port cargo activity were also more robust than last year. he start of the main summer tourist WG (annual % growth) otal net wages Private sector net wages Public sector net wages CFC CR (seasonally adjusted) U lovenia Germany lovenia (published data) Year-on-year growth in total population receipts has fluctuated strongly in the last few months. n ugust it was 9.9%, and even in real terms it was still a robust.- 6 onth ly ulletin, ug - ep 2004

11 K VJ K F V 6.2%. n ugust this year the strongest year-on-year growth was in labour compensation. abour compensation continues to be characterised by relatively strong year-on-year growth 15.9% on average over the first seven months of this year. t the same time the growth in total social transfers steadied after two successive large fluctuations up and down. asic wages in the public and private sectors were increased in July and ugust respectively. Public sector wages were raised by 3.1% while basic wages in the private sector were raised by a lump-sum (the minimum gross amount was 5,000 but in most activities the actual sums were higher). t will only be possible to establish retrospectively whether the increases were in line with the social agreement, under which real wage growth should be at least one percentage point less than productivity growth. Year-on-year nominal growth in average net wages in July of 5.1% was only slightly lower than the average growth over the first seven months of the year. Wage growth in public administration remains very low. n July it was 1.9% in nominal terms year on year, compared with negative growth (-0.1%) on average over the first seven months of the year. Year-on-year wage growth in manufacturing was lower in July (6.1%) than the average for the first seven months of the year (7.1%). verage real wage growth in manufacturing over the first seven months nnual growth (%) Jul. thousands verage gross wage verage net wage verage net wage Real wage otal receipts ( bn) otal receipts et wages ther labour compensation ocial transfers abour costs per employee (6) - verage gross wage (6) - verage other expenditures (6) - ther taxes (6) ources: tatistical ffice of the Republic of lovenia; gency of the Republic of lovenia for Public egal Records and Related ervices; ank of lovenia estimates. abour costs: average gross wages (tatistical ffice of the Republic of lovenia) + other labour compensation (gency for Public Related Records and Related ervices)+other taxes (of). of the year was 3.3%, which was slightly over three percentage points below productivity growth. n ugust the gap between wage growth in the private sector (5.5%) and the public sector (3.6%) reached its lowest level this year, mainly on account of a gradual strengthening of the latter. abour market conditions are relatively favourable and in line with data indicating a fairly healthy economic situation. n July the labour force was bigger than a year earlier for the first time in nearly two years. long with a continuing decline in the number of people out of work, the biggest contribution to this improvement came from increased employment in enterprises, a substantial increase in the recorded number of farmers and a further fall in the rate of employment reduction in the small business sector. n sectoral terms, the improved employment picture is due mainly to new employment in the public sector (2.1% year-on-year increase in the first seven months of the year) and in the financial sector (2.2%). n the manufacturing sector the improvement in the employment situation is particularly marked in the production of machinery (4.6% increase in July year on year) and motor vehicles (5.2%). n July the number of unemployed increased slightly, partly due to seasonal factors, while the unemployment rate also rose slightly to 10.3%, which was nevertheless 0.8 percentage points lower than in the same month last year. abour force survey data published at the end of ugust reveals an unemployment rate in the second quarter of just 6.1%, the lowest in two years. nnual growth in % mployees (thousands) Change in mpl.(y.o.y.) mployees of which: - nterprises - mall business ectors: - Private (excl...) - Public (..) Public admin.() Unemployment rate () Registered unempl. rate Jul ources: tatistical ffice of the Republic of lovenia; ank of lovenia calculations 3. PUC CR he budget deficit fell over the period t the end of ugust the tatistical ffice published the national accounts for the period he data is harmonised in % of GP General government, 95 Revenue xpenditure eficit(-)/surplus(+) Central government ocal government ocial security funds Government debt ources: tatistical ffice of the Republic of lovenia, urostat, inistry of Finance. with the inistry of Finance, which used it as the basis for the Reporting of Government eficits and ebt evels (so-called notification ). he data published now differs from the data presented in the arch Reporting of Government eficits and ebt evels because of changes in the composition of sectors, as the Compensation Fund, the Capital Fund and the housing funds were also included in the government sector. he inistry of Finance is forecasting a budget deficit of 2.1% of GP this year. his is 0.2 percentage points of GP more than planned in the Convergence Programme but the difference is due to the changes in methodology referred to above. onth ly ulletin, ug - ep

12 K VJ K F V Fiscal trends in the first half of the year were favourable. Revenues grew strongly, while expenditure was more or less within the planned framework. he budget deficit in the first half of the year of 46 billion was lower than in the same period last year Consolidated general government revenues, expenditures ( billions) and budget balance (% of GP) Full-year results will depend strongly on revenue movements over the remaining months of the year. he most influential factors will be the level of value-added tax revenues and uropean Union budget flows. V revenues fell by 29 billion in the period June-ugust, substantially more than envisaged in the budget. While V flows did recover somewhat in ugust it is still too early yet to give an accurate estimate for the whole year. he full-year fiscal picture will also be strongly affected by the share of revenues received from the U budget. n ctober a decision will be made on whether to implement budget balancing measures. he udget mplementation ct for 2004 and 2005 allows the government to cut public spending (on a linear basis) certain spending, for instance on pensions and interest, is exempted from this measure and/or to increase the budget deficit, by a total of 25 billion. he government will draw up an estimate of budget revenues and expenditures to the end of the year on the basis of third-quarter data. Wage rises and amendments to the legislation on payroll taxes will have a strong impact on budget revenues. Public sector wages were adjusted in July. Private sector wage increases came into force with the ugust and/or eptember billions 2003 Jan.-Jun. annual (% GP) str.(%) gr. rate Consolidated general government (GG) accounts Revenues 2, ,148 1, ax revenues 2, ,061 1, goods and ser soc.sec.contr income, profit ther xpenditures 2, ,204 1, Current exp. 1, Current transf. 1, Capital exp.,tran GG surplus/def ar.04 (% GP) R debt 1, , Guarantees ource: inistry of finance. Revenues xpenditures udget balance (right-hand scale) Jan.-Jun Jan.-Jun payments. We expect private sector wages to increase by slightly more on average than the rises in the public sector. Consequently, in the second half of the year we expect to see an increase in labour tax revenues and social security contributions. ut the simultaneous entry into force of amended legislation on payroll taxes, raising the level of gross wages not subject to tax to 165,000 (from 130,000), will hold back the increase in budget revenues. onds with a value of 25 billion were issued in eptember. his is in line with the central government budget financing programme for he third issue of R55 threeyear government bonds has an average annual yield of 3.867%, and the fifth issue of R57 ten-year bonds 4.579%. he total value of bonds issued was 25 billion, of which 15.6 billion was in ten-year bonds. ver half of the 144 billion worth of bonds issued this year have been ten-year bonds. Revenues Following strong real growth in the first quarter, revenue growth steadied in the second quarter and was low in the third quarter. n the first half of the year public revenues grew by 4.4% year on year in real terms. econd-quarter growth was modest, primarily on account of low V revenues, which fell strongly in real terms in June. n July, too, V revenues were substantially less than normal. ugust data point to a recovery underway, even if levels are not yet back to normal. Corporate income tax is the fastest-growing of all the taxes in real terms. From January to June total corporate income tax revenue was 74 billion, up over 12% in real terms on the same period last year. ased on the trend in the first half of the year, we expect full-year revenues from this source to be in line with the figure planned in the budget, and approximately 10% higher than last year in real terms Revenue: social security contributions, personal income and payroll taxes, and corporate income tax ( billions) personal income and payroll taxes corporate income tax social security contributions abour tax revenues grew year on year by 3.7% in real terms in the first half of ocial security contributions account for approximately 60% of these revenues, with just under one-tenth coming from payroll tax and the remainder coming from personal income tax. he growth in the first half of the year mainly reflects the rise in real wages and the progressive nature of the payroll tax..- 8 onth ly ulletin, ug - ep 2004

13 K VJ K F V n the first half of the year social security contributions grew by around 4% in real terms. heir growth in the second half of the year will depend on the level of wage increases. Public sector wages were increased in July (by 3.1% on average), whereas in the private sector the rises will come (mostly) in ugust and will probably be a little higher on average. Personal income tax revenue in the first half of the year was 1.7% higher than in the same period last year, although June revenues were down as a result of income tax adjustments. Preliminary data indicate stronger inflows in July and ugust. aking account of the preliminary data, we expect real growth in personal income tax revenues in the period January-ugust to be 3.7%. We expect full-year revenues to be in line with planned revenues total Revenue: domestic taxes on goods and services ( billions) last quarter of this year as some of the formal conditions for accessing funds have not yet been met. For instance, at the end of July lovenia s gricultural arkets and Rural evelopment gency published seven tenders for allocating national and uropean funding from the U structural funds. he deadline for submission of applications was the end of ugust for some of the tenders and the end of eptember for the others Flows with U budget in 2004 ( billions) Revenues xpenditures Jan. Feb. ar. pr. ay Jun. Jul. ug. ept. ct. ov. ec. Jan.- Jun xpenditures of which: V * average per months, 2004: estimated by RC ** preliminary data 03* J F J J ** 04* Consumption-based tax revenues picked up again in ugust after being very low in June and July. lthough a reduction in value added tax revenues in June was anticipated, actual revenues were substantially lower than expected. hey began to pick up gradually in July and recovered further in ugust but still lagged behind the average monthly levels of V revenue recorded in the first five months of the year. Revenues from excise duties, particularly on tobacco, grew quite strongly in real terms. U entry was followed by a strong fall in customs revenues. When lovenia joined the uropean Union some 75% of customs payments became U budget revenues, with the state retaining a quarter of the amount collected to cover the cost of their collection. Unplanned budget revenues totalling 5 billion were earned in July. his represents an amount paid in July by RV lovenia for outstanding tax debts, although judicial procedures have yet to be completed. his brought one-off revenues earned this year to approximately 22 billion; almost 18 billion came from the liquidation of the lovenian evelopment Corporation, and although this was planned the amount expected was almost half this total. 17 billion was paid to lovenia from the U budget up to July. o far the payments have mostly been lump-sum rebates, of which lovenia receives a little over 3 billion a month. ost of the remainder of the money received is preaccession aid. omewhat larger inflows are expected in the 43 udget expenditures grew by 3.1% in real terms in the first half of the year. xpenditure growth picked up in the second quarter after slow growth in the first three months. Wage expenditures remained unchanged in real terms; the only increase in public sector wages this year was in July. espite an increase in public sector employment of around 2%, wage expenditures have not risen in real terms this year. Public sector wages were increased for all employees in July by 2.5% in line with an agreement between the government and the unions. he remainder of the sum for wage increases (0.63%) is earmarked for the gradual removal of wage disparities in the public sector. he fastest growth among current transfers is in subsidies. n the first half of the year spending on subsidies totalled 34 billion, one-fifth more than in the previous year xpenditure: transfers to individuals and households ( billions) total of which: pensions * average per month, 2004: estimated by RC. 03* J J F J J 04* ransfers to households grew by 4% in real terms in the first half of the year. ocial security payments, wage compensation and sickness benefits are rising fast. ll three grew year on year by around 10% in real terms. he slowest growth is in unemployment benefits, while growth in pension spending is also below average onth ly ulletin, ug - ep

14 K VJ K F V xpenditure on pensions grew by 3% in the first half of the year. hus, in line with expectations, expenditure on pensions grew more slowly in the second quarter than in the first quarter. We expect this trend to continue in the second half of the year. Pensions were not increased in eptember and are not likely to be increased before the end of the year. his will mean a further fall in the year-on-year rate of pensions growth to around 2% in real terms over the year as a whole. Half-year expenditure on investments is low, with the indications being that the planned funds will not be fully used. nvestment spending and transfers grew by 1.7% in real terms over the first six months of the year compared with the same period last year. he government s udget mplementation Report for 2004 (covering just the central government) highlights delays in public tenders as one of the reasons for the low levels of investment spending and transfers in the first half of the year, and states that an increase is expected in the second half of the year. evertheless, it is becoming increasingly likely that full-year investment spending will be less than anticipated, and that expenditure will be carried forward to the next budget year. Public debt lovenia s public debt grew in the first quarter of the year. t the end of arch the public debt stood at 1,523 billion, some 2% more than at the end of last year. he balance of external debt remained unchanged, while internal debt increased. ver the first four months of the year the external debt fell as a proportion of total debt by 12 percentage points, from approximately half to 38%. 2,000 1,500 1, Republic of lovenia debt: domestic and external ( billions) external debt domestic debt he volume of guarantees rose in the first quarter by 4.1%. t the end of arch the value of guarantees issued stood at 446 billion. R, the motorways corporation, accounts for over half of all the government guarantees issued. 4. PRC HY F R CP - all items Core inflation* U (12) CP (annual % growth) Jan. Feb. ar. pr. ay Jun. Jul. ug. ep. ct. ov. ec. 2 0 * xcludes prices of energy, prices of seasonal foodstuffs and tax effects Year-on-year inflation fell to a historic low, standing at just 3.3% in eptember, and monthly growth was actually negative (-0.1%). Goods prices rose on average by 0.4%, while service prices fell by 1.2%. he biggest price fall for services was for package holidays (18.1%). he increase in goods prices was largely the result of higher prices for semi-durable goods, which rose by 3.9% on average. eptember s price index figures were significantly affected by seasonal factors. he price of clothes and footwear, after falling in ugust, rose again in eptember, up 5.9%, largely due to the arrival of the new autumn/winter collections. he consumer price fell in eptember, mainly due to seasonal reductions in package holiday prices, which were 18.1% cheaper on average and the main reason behind eptember s negative Year on Year onthly % growth ec. 03 Jul. 04 ug. 04 ug. 04 CP all items dministered prices Free prices Core inflation Retail prices ndustrial producer prices ntermediate goods Capital goods Consumption goods elected inflationary factors - mport prices * /UR exchange rate ominal eff. exchange rate U(12) inflation * June ources: tatistical ffice of the Republic of lovenia. reakdown of CP by ank of lovenia and nstitute of acroeconomic nalysis and evelopment, other calculations by ank of lovenia. Figures may not sum to official figures due to rounding onth ly ulletin, ug - ep 2004

15 K VJ K F V price growth. he fall in prices for seasonal foodstuffs, fruit (8%) and carbonated and non-carbonated beverages (2.6%) also affected the overall fall in prices. hese price falls lowered overall price growth by 0.7 percentage points. espite strong administered price growth, the rate of growth of free prices is still falling, pointing to a continuation of the disinflation process. Year-on-year free price growth fell below 3.0% in ugust (to 2.9%), while administered price growth surged to 7.6%. he biggest contribution to the slower year-on-year growth of the former came from falls in the prices of fresh vegetables (-26.7%), medicines (-4%), dairy products (-3.8%) and computer equipment (-7.1%). he faster growth of the latter resulted mainly from strong rises in the prices of refined petroleum products (9.4%), bus fares (12.3%), electricity (4.0%) and municipal services, among which the prices of waste removal services rose by 20.6%. lthough administered prices have been rising fast in the last few months, we can expect the rate of increase to fall gradually towards the end of the year because the government s administered price adjustment plan does not envisage any significant price rises before the end of the year and the price of oil on the world market is not expected to rise further in light of PC s decision at its latest meeting to increase oil production again by 1 million barrels a day. he values of forward oil contracts also point to a gradual reduction in the price of oil. Consequently, despite the negative impact on the state budget, the government will probably be able to hold excise duties on refined petroleum products at the minimum level, which will help to further reduce inflation. gradual settling of core inflation at a level just above 3% indicates a likelihood of the disinflation processing slowing in the future. Year-on-year growth in core inflation nflation ndustrial producer prices uro exchange rate (annual % growth) fell slightly in ugust compared to July to stand at 3.3%. he indirect transmission of energy and commodity price growth from previous months will also have an important impact on future trends in core inflation, although for the time being this factor is apparent only in a slower rate of reduction in the growth of core inflation. Year-on-year growth in industrial producer prices slowed again in July and ugust (in ugust it was 4.7%). mong industrial products the fastest growth in the last year was in prices of intermediate goods (5.9%) and capital goods (4.6%), while the prices of consumption goods grew by 3.4%. mong intermediate goods the fastest growth was in commodity prices (6.5%), while energy prices grew by (4.8%). lthough prices of industrial products have been rising rapidly since the start of the year, there is no real indication yet of this growth being transmitted to consumer price growth. he most probable reason for this is the increased competition in goods markets following lovenia s entry into the U and the abolition of customs. 5. C F PY Competitiveness R FFCV R XCHG R (1995=100) CP producer prices unit labour costs Growth of index indicates growth in value of tolar he nominal effective exchange rate of the tolar measured against a basket of foreign currencies has been falling since January. he value of the tolar fell by 1.6% between onth ly ulletin, ug - ep 2004 January and ugust this year. t fell fastest in the period from February to ay, by 1.7%, compared with just 0.3% from June to ugust. Following lovenia s entry into R the exchange rate stabilised at per euro. With the exchange rate of the tolar to the euro remaining unchanged, the main reason for the 0.1% fall in the nominal effective exchange rate of the tolar in ugust was a 0.7% appreciation of the U dollar against the euro. he U/UR exchange rate in the first half of eptember was the same as in ugust at U 1.22 per euro. Consequently, we expect the nominal effective exchange rate of the tolar to remain unchanged in eptember. he price competitiveness of the lovenian economy, measured in terms of the real effective exchange rate of the tolar, has remained unchanged since the second quarter of this year. his is particularly the case for competitiveness measured in terms of producer prices and consumer prices. Prices rose at home and abroad under the 11 -.

16 K VJ K F V influence of exogenous factors, such as the rise in the prices of petroleum products and commodities. he depreciation in the nominal effective exchange rate of the tolar compensated for the somewhat faster rate of growth of domestic prices than foreign prices. ut because of the low base last year, longer term comparisons beyond June indicate a deterioration in price competitiveness. Price competitiveness measured in terms of producer prices was 1.1% poorer in ugust, and 0.9% poorer measured in terms of prices of consumer prices. he cost competitiveness of the lovenian economy is improving this year. easured in terms of labour costs per unit of output it improved by 0.7% a month in the first seven months of this year, and by 3.2% in the year to July. he biggest contribution to the improvement in competitiveness came from labour productivity, which has been rising since the second half of last year as industrial production has grown rapidly while employment has stagnated. ndustrial production is rising not only as a result of the recovery in economic activity and demand from abroad but also because of a greater number of working days this year than last year. he rise in productivity more than outweighs the negative impact on competitiveness arising from the real growth in net wages and from domestic prices rising somewhat faster than the change in the nominal effective exchange rate C F CPV R F R domestic competitiveness * labour productivity (seas. adj.) (+) real net wages (3 mth moving average) (-) nom. eff. ex rate / domestic price level (-) (annual % growth) Unit labour costs divided by nominal effective exchange rate. Growth index denotes competitiveness growth. (+)/(-) change in index dentoes increase/decrease in competitiveness terms of trade export prices () import prices () (annual % growth) Preliminary data for ay and June indicate a deterioration in the terms of trade of lovenian exporters, by a total of just over 2.3% in the two months. Changes in exchange rates contributed 1.7 percentage points to the deterioration in the terms of trade with the rest of the world, while 0.6 percentage points came from import prices rising faster than export prices. n the import side the main growth was in prices of commodities and energy, while prices of drinks and tobacco fell by 2%. espite the deterioration in ay and June, on average over the first six months of this year the terms of trade of lovenian exporters rose by a little over 0.7%. nnual % growth ec. 01 ec. 02 ec. 03 Jul. 04 om. eff. ex. rate (1) Real effective exchange rate (2): - CP Producer prices Unit labour costs Real exchange rate: UR (CP) U (CP) lovene import-export prices (3): verage annual % growth ay 04 xport prices xchange rates effect mport prices xchange rates effect erms of trade ) ffective exchange rate: basket of 7 currencies of lovenia s main foreign trading partners (excluding Croatia), weighted by the shares in lovenian goods trade. From January 2002 onward three currencies (UR, U, CHF) are used in the calculation. 2) Real exchange rate: exchange rate divided by relative (domestic/foreign) price ratio. Current account 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% CURR FC FW (% of GP) (average of last 12 months) 7,9% 0,2% 4,7% 1,4% change in foreign exchange reserves current account net financial flow onthly % growth ug ,464% -0,4% year -on- year Jun he current account balance improved in June and July. he surplus in June and July of UR 60 million reduced by more than half the deficit recorded in the first five months of the year. he cumulative deficit from January to July this year was just UR 26 million, or 0.2% of estimated GP. he current account surplus in June and July was three times as high as in the same period last year, primarily as a result of the rate of import growth for goods and services falling more quickly than the rate of export growth. et investment income and current transfers were also more favourable than at the beginning of the year. etween arch and ay this year the trend rate of growth of imports of goods and services outstripped the trend rate of growth of exports. n June and July the trend rate of growth of imports was substantially slower than the rate of growth of exports, which contributed to the improvement in the current account balance this year. xports of goods and services grew by 8.8% year on year in July to UR 1,290 million, while imports grew by 7.2% to UR 1,368 million. s a result of exports growing faster than imports over the last two months,.- 12 onth ly ulletin, ug - ep 2004

17 K VJ K F V the deficit in trade in goods and services fell to UR 26 million (0.2% of estimated GP), compared with a surplus of UR 25 million in the same period last year. 1,300 1,200 1,100 1, R G RVC (UR millions, seasonally adjusted) balance (right-hand axis) exports imports ervices have made a substantial contribution to the improvement in trade in goods and services in the last few months. ince pril exports of services have been growing faster than imports. he average year-on-year rate of export growth in the last three months exceeded 11%, while the rate of import growth fell from 10% to 9%. ince arch this year the current trend rate of growth of goods exports and imports has been slowing. n the last two months it was a little over 6% at an annual level for both exports and imports. Final trade figures are not yet available for July. he tatistical ffice estimates exports of goods at UR 1,092 million and imports at UR 1,135 million, with the deficit falling to UR 43 million. n the first seven months of this year exports grew year on year by 9.2% and imports by 10.4%, while the surplus increased by UR 130 million to UR 663 million. Coverage of imports by exports fell by one percentage point compared with the same period last year to stand at 91.6%, which is very similar to the average for the last twelve months. etailed data on goods trade are available only up until June this year. uring this period total exports of goods grew year on year by 9.4%. his strong year-on-year growth is due partly to last year s low base as demand for lovenian exports did not begin to rise strongly until the second half of last year in line with increased economic activity abroad. Consequently, we expect year-on-year export growth to come down gradually towards the end of this year. Growth in demand for lovenian last Jan.-Jul mths Goods trade (UR millions): xports (F) 10,962 11,285 11,896 6,596 7,207 mports (CF) 11,574 12,239 12,979 7,130 7,870 alance , mport coverage (%) stimated volumes (annual % growth): Jan.-Jun. xports intermediate goods capital goods consumption goods mports intermediate goods capital goods consumption goods ources: Goods trade: tatistical ffice of the Republic of lovenia. Goods trade volumes: o estimates, tatistical ffice of the Republic of lovenia, F, F goods from the U25 was below average in the first half of this year at 7.5%. his was due mainly to the still quite modest growth in demand from lovenia s most important trading partners in the U(25). xports to taly fell by 0.8%, while exports to France grew by just 1.4%. he growth in exports to Germany was somewhat stronger at 4.6%. xports to ustria grew by well above average (16.8%). ncreased exports to pain (39%), enmark and elgium this year continue to compensate for exports to the traditional trading partners. xports to other new U members of the U(25) Czech Republic, Hungary, Poland and lovakia continue to grow at an above average rate. he fastest growth is in exports of capital goods. n the first six months of this year the volume of exports of capital goods grew year on year by 18%, followed by an 11% increase in exports of intermediate goods, while the smallest growth was in exports of consumption goods. he main contributory factors underlying the weaker growth in exports of consumption goods are stronger competition abroad and increased demand in the domestic market. Year-on-year growth in goods imports in the first half of this year was 10.8% in nominal terms and 11.6% in volume terms. he biggest growth in import volume was in consumption goods (17.8% year on year), which grew by twice as much as the 2003 average. n addition to the improved economic situation, the strong growth in imports of consumption goods also reflected the rapid reduction in interest rates. ore and more foreign consumption goods are competing with domestic goods in the lovenian market, which is contributing to the declining trend in domestic inflation. he growth in the volume of imports of capital goods has remained relatively strong this year at 12.7%, but it is gradually falling, indicating that the period of high investment is coming slowly to an end. We expect this trend to continue over the months ahead. Growth in the volume of imports of intermediate goods reflects domestic economic growth and foreign demand. n the first half of this year it was 10.5% year on year. last Jan.-Jul. flows in UR millions mths Current account % of GP Goods and services % of GP penness coefficient xports 13,522 13,883 14,638 8,055 8,810 % of GP Goods 11,082 11,414 12,034 6,664 7,284 ervices 2,440 2,469 2,604 1,390 1,526 - ourism 1,143 1,186 1, ransportation mports -13,174-13,890-14,697-8,030-8,837 % of GP Goods -11,351-11,960-12,667-6,960-7,667 ervices -1,823-1,930-2,030-1,069-1,169 - ourism ransportation abour income nvestment income Current transfers ource: ank of lovenia onth ly ulletin, ug - ep

18 K VJ K F V xport of goods mport of goods ct. ov. ec. Jan Feb. ar. pr ct. ov. ec. Jan Feb. ar. pr ep. ay ep. ay ug. Jun. ug. Jun. Jul. Jul. rade in services has been growing faster than trade in goods in recent months. n the first seven months of this year exports of services grew by 9.7% year on year and imports by 9.3%. he surplus in trade in services rose by UR 36 million to UR 366 million CP F CURR CCU (UR millions, seasonally adjusted) current account income and transfers services goods n the export side the biggest rise was in the volume of exports of various business and technical services, which grew by 44% year on year. xport earnings from these services totalled UR 171 million, well above the total revenues earned from this source in 2000 and Revenues from services associated with goods trade and construction work carried out abroad grew by more than average, rising cumulatively in the first seven months year on year by 17% and 12% respectively. n the import side the fastest growth is also in services associated with goods trade, with expenditure on transport services growing year on year by 22%. xpenditure on patents, licences and copyrights grew by slightly more, while expenditure on business and technical services grew by 17%. Changes in balance of payments methodology n eptember this year the balance of payments was revised and final data were published for 2002 and he changes in methodology related primarily to items in the capital and financial accounts. ost current account items underwent minor changes. he biggest change was in reinvested profits. Under the existing methodology, in the current year the reinvested profits item contains estimates calculated on the basis of a five-year moving average of actual reinvested profits. ut in the context of substantial foreign investments in the last few years the use of this method to estimate reinvested profits in the current year significantly underestimates their extent. he provisional estimate for 2003 was UR 38 million. However, data from company reports for 2003 received by the ank of lovenia in the current year for the previous year indicate that foreign companies reinvested profits in lovenia were underestimated by 156 million. ccordingly, the current account balance for 2003 was also revised, from a surplus of UR 17 million to a deficit of UR 91 million. he biggest changes in the capital and financial accounts came from the introduction of a new source of direct reporting by companies on trade credits to and from the rest of the world. he short-term credits item, which under the existing methodology was expressed as a net estimate, will now be shown separately on the claims side (credits issued) and liabilities side (credits received), and cover only the provision of credit between non-affiliated enterprises. rade credits between affiliated enterprises are included among direct investments as other capital, which raises the level of investments. Finally, this new source of reporting also provides data on the waiver of trade credit payments, which strongly increased the previously negligible item capital transfers onth ly ulletin, ug - ep 2004

19 K VJ K F V ourism imports this year are continuing to grow faster than tourism exports. ourism exports grew by 7% year on year in the first seven months of this year, while imports rose by 8%. strong increase in the number of arrivals of non-resident tourists has been recorded this year, along with a decline in the number of overnight stays. his development is connected with the changing structure of non-resident tourists. he number of tourists from ustria and Germany is falling while the numbers from the United Kingdom and other uropean countries are rising by more than average. n the eight months to ugust the number of foreign tourists grew year on year by 7%, but the number of overnight stays rose by 2%. et compensation and transfers improved by UR 114 million in the first seven months of this year. While net compensation of employees remained unchanged and net transfer inflows rose by UR 33 million, the main improvement was in net investment income. he overall improvement in the context of unchanged inflows stemmed from a reduction on the outflows side. n the first seven months of this year outflows fell year on year by UR 90 million to UR 349 million. he biggest fall was a UR 90 million drop in income payments from equity investments. Financial account net financial inflow (private sector) current account (UR millions) n financial transactions with the rest of the world outflows strongly exceeded inflows in June and July, which increased this year s total net financial deficit to UR 575 million, or 3.9% of GP. Rising outflows were the main factor behind the strong deficit growth, with private sector loans abroad and portfolio investments being particularly prominent. n June the government also contributed to the strong outflows when it repaid matured eurobonds issued in Private sector financial outflows abroad from January to July this year were UR 553 million higher than in the same period last year, an increase of almost 50%. With the exception of direct investments and capital transfers, whose levels have remained unchanged this year, all outflows have recorded significant growth. rade credits to the rest of the world totalled UR 271 million from January to July this year, an increase of UR 48 million compared with the same period last year C R F WR * flows in UR millions direct investment portfolio investment *) +: outflow, -: inflow trade credits loans households Under the new methodology trade credits issued to the rest of the world in 2002 and 2003 have been revised substantially downwards from the originally published totals (even though they were expressed in net amounts). nd for periods of less than one year (both this year and last year), these credits are even higher than at annual levels. he reason for this is debtor behaviour at the end of the year, when a large proportion of previously accumulated liabilities was repaid. (Creditors also wrote off some of the debts, which is reflected only in the balance sheet, while exemptions are included in the balance of payments among capital transfers). irect investment abroad in July of UR 61 million was the highest monthly total this year, and brought the cumulative total over the first seven months of the year to UR 268 million. he average monthly flow of investment this year is slightly lower than in 2003 on account of a drop in equity investments, while other claims on lovenian companies abroad are rising. ut total direct investments have risen owing to the inclusion of trade credits among other claims and liabilities between affiliated enterprises. he figure for last year has increased by more than half to UR 414 million, while last Jan.-Jul. Flows in UR millions mths Current account et financial flows 1, % of GP of which: external debt (est.) 1,394 1,934 1,664 1,289 1, Foreign exc.reserves -1, ank of lovenia -1, anks Private sector 1, Claims -1,593-1,859-2,412-1,128-1,681 Capital transfers utward F Portfolio investments rade credits oans Households iabilities 3,033 2,103 2,168 1,249 1,314 Capital transfers nward F 1, Portfolio investments rade credits oans 917 1,230 1, enterprises banks eposits at banks Government igns: inflows or increases in liabilities (+), outflows or increases in claims(-). ncreases in foreign exchange reserves (-), increases in debt (+). ources: ank of lovenia. 1) Private sector = non-goverment sector, thus including public sector organisations. onth ly ulletin, ug - ep

20 K VJ K F V trade credits have contributed a further UR 73 million to the aggregate from January to July this year (bringing to UR 129 million the total debt-based claims on companies abroad). trong growth in investments in foreign securities is continuing. his trend has continued without interruption since the second half of last year. he total in the period January to July this year was UR 204 million, three times as much as in the same period last year ending abroad in July was down on previous months, to both enterprises and banks. anks approved UR 8 million in net lending abroad in July (compared with UR 28 million in June, when it was still above average). he fall in lending to enterprises in July was more modest, from an average of UR 13 million to UR 11 million. From January to July this year private sector lending abroad contributed a net outflow of UR 209 million. Unlike claims, liabilities have recorded substantially slower growth this year. otal inflows to the private sector were just UR 65 million higher than in the first seven months of last year. n July no inflow to the private sector, other than foreign direct investments, exceeded UR 10 million. nflows this year, including government inflows, were actually lower than in the same period last year as the government reduced its liabilities to the rest of the world by UR 144 million in the first seven months. 2,000 1,500 1, direct investment WR R F WR * flows in UR millions portfolio investment FRG G (UR millions) banks enterprises *) +: inflow, -: outflow trade credits loans deposits ike outward investment, foreign direct investments also recorded their highest level this year in July. he July total of UR 66million was one-third of the inflow for this year. nflows in July were almost entirely debt flows resulting from reductions in claims on affiliated enterprise. lthough still much lower than some years ago, foreign investment is also showing signs of recovery this year. he total in the first seven months of this year of UR 185 million is up 35% on the same period last year. irect investments have also been subject to changes in methodology that have caused them to increase. nother cause of the growth in foreign direct investment in 2003 and 2004 is the revised figure for reinvested profits in n 2003 they reached their highest level so far (UR 194 million), helping to push foreign investments to almost UR 300 million FRG RRWG (UR millions) banks government enterprises fter growing strongly in June, foreign loans to the private sector all but dried up in July. n June both banks and enterprises were very active in borrowing abroad: banks raised a net total of UR 77 million and enterprises UR 99 million, while in July banks made net repayments of loans (UR 5 million) and enterprises raised a net total of just UR 8 million. n the first seven months of this year banks raised UR 348 million in net borrowing from abroad, while enterprises raised UR 268 million. anks are expected to borrow very strongly in the months ahead. n line with expectations, foreign trade credits received are lower than credits issued and have grown substantially compared with the same period last year. From January to July this year they grew by UR 158 million (UR 43 million). one-off repayment at the end of the year is the practice with both received and issued trade credits, meaning that the annual figures are much reduced compared with the current monthly figures. n July, after three years of net repayment of foreign loans, the government raised UR 38 million in net borrowing from abroad. n the previous month eurobonds issued in 1997 matured with a value of UR 205 million ( 400 at issue). proportion of these bonds totalling UR 56 million was held by lovenian banks in their portfolios. n the context of strong financial account deficits and modest current account surpluses, the total foreign exchange reserves fell in June and July by UR 369 million. he balance of foreign exchange reserves at the end of July stood at UR 7,264 million, some UR 440 million less than at the end of he indicator measuring sufficiency of foreign exchange reserves fell in ay (over a 12-month horizon on account of eurobonds falling due for repayment in ay 2005). n July it was 137.3%. n ugust the balance of foreign exchange.- 16 onth ly ulletin, ug - ep 2004

21 K VJ K F V reserves rose again by UR 292 million to UR 7,556 million, mainly on account of strong financial inflows. 70% 60% GR XR (% of GP ) FRG XCHG RRV' QUCY 40% 36% 50% 40% % 30% FX reserves/short term debt by remaining maturity FX reserves/gp (right-hand axis) With modest financial transactions on the liabilities side the gross external debt fell in July by UR 42 million to UR 14,299 million. t the same time the gross debt-based claims on the rest of the world (stemming from debt instruments) fell by UR 201 million to UR 13,368 million, with the biggest contribution coming from the fall in total foreign exchange reserves. s a result the net external debt rose to UR 931 million. he net external debt includes only debt-based claims and liabilities; it excludes all equity investments, which in the last two years have been growing very strongly on the claims side but not on the liabilities side. he balance of lovenia s international investments, with the new figures for 2003, gives further information about lovenia s total claims and liabilities including equity investments. he net external position deteriorated by UR 2.3 billion in n this year the net external debt rose by UR 1.6 billion (from net claims in the net debt ), while changes in the external position of equity instruments accounted for the difference of UR 0.7 billion. lovenia s total claims on the rest of the world rose in 2003 by UR 525 million, with the biggest contribution coming from a UR 387 million increase in direct invest- t end of period, UR millions Foreign exchange reserves - - banke FX reserves/gp (%) FX reserves/imports (months) Gross external debt Gross debt/gp (%) hort term debt by remaining maturity 1) FX reserves/short-term debt (%) et external debt 2) 28% 24% 20% 16% ug. 6,513 7,842 7,703 7,556 4,811 6,579 6,675 6,335 1,703 1,263 1,028 1, Jul. 10,403 11,455 13,305 14, ,569 4,448 4,555 4,874 4, , , , , ) on-equity debt to the rest of the world with remaining maturity of 12 months or less. 2) Gross external debt net of non-equity claims towards the rest of the world. ource: ank of lovenia 20% 10% 0% debt/claims (right-hand axis) gross external claims gross external debt J F J J J F J J ments. heir share of total holdings has already reached 14%, similar to the share held by trade credits issued. he balance of trade credits, on the other hand, is falling, from highs of 26% in 1999 to 14% in 2003 (their level is also falling in absolute terms). ver the same period the share of loans to the rest of the world rose from 2% to 5%. Foreign exchange reserves made up 56% of total holdings in 2003, four percentage points less than in lovenia s total liabilities to the rest of the world grew by UR 2,841 million, with the biggest contribution coming from the growth in the balance of direct investments and foreign loans. oth added just over UR 1 billion to the balance, while growth in non-resident deposits in lovenian banks rose by UR 400 million to UR 1.1 billion. t the and of the year in UR million R V P et position -2,546-1,452-1,389-3,705 ssets 8,923 11,265 13,137 13,661 - irect investment abroad 825 1,139 1,462 1,849 - quity cap.and reinv.earn ,150 - ther capital (net claims) Portfolio investment rade credits 2,190 1,928 1,908 1,894 - oans Foreign exchange reserves 4,705 6,513 7,842 7,703 - ther (1) 964 1,384 1,299 1,332 iabilities 11,469 12,717 14,525 17,366 - irect investment abroad 3,110 2,952 3,968 5,070 - quity cap.and reinv.earn. 2,117 2,480 3,437 4,409 - ther capital (net liab.) Portfolio investment 1,928 2,142 2,096 2,288 - ebt securities 1,688 1,908 1,894 2,082 - rade credits 1,921 1,746 1,725 1,682 - oans 4,030 5,145 5,858 7,069 - eposits at banks ,064 - ther ) ccounts abroad (also data from on deposits on households in the banks in member states of ), other assets, monetary gold, reserve position on the Fund onth ly ulletin, ug - ep

22 K VJ K F V 6. Y CR 3 growth remains fairly small. 3 grew by 46.9 billion from the end of ay to the end of ugust, compared with 92.8 billion in the same period last year. he year-on-year rate of 3 growth has been falling gradually all year. n ugust it was just 4.2%. he ugust drop in 3 of 8.3 billion was primarily seasonal RY GGRG (annual % growth) n July and ugust 3 grew as a result of an increase in foreign currency deposits and 1 growth. n July and ugust foreign currency deposits grew by 12.8 billion and 1 grew by 10.2 billion, while tolar time deposits fell by 4.8 billion. he increase in foreign currency deposits and their share of 3 growth has been falling since lovenia joined R. he components of tolar time deposits to grow in July and ugust were those with an agreed maturity of 31 to 90 days and those with an agreed maturity of 91 days to one year. olar time deposits with an agreed maturity of 31 to 90 days grew by 9.8 billion over the period (although they fell in ugust by 21.3 billion), while those with an agreed maturity of 91 to 360 days grew by 30.0 billion. he relatively fast fall in long-term tolar time deposit is continuing; in July and ugust they fell by 40.5 billion. he fairly strong growth in 1, which is due to more buoyant domestic consumption, is continuing. 1 grew nnual growth (%) Flow evel billions ug. 03 ug. 04 ug. 04 ug Currency emand deposits (1+2) ime deposits ,484.1 up to 30 days to 90 days to 365 days over one year ecurities issued by banks ime deposits at o Restricted deposits ( ) , Foreign currency deposits , (8+9) ,873.8 ectoral composition of tolar deposits nterprises ther financial organisations Households Government ource: ank of lovenia by 6.9 billion in July, and by 3.3 billion in ugust. he year-on-year rate of 1 growth is continuing to rise; in ugust it was 18.6%. he share of 1 in 3 is rising gradually. t the end of ugust this year it stood at 23.1%, compared with 21.1% at the end of ecember last year. he main reason for the strong growth in 1 is strong household consumption. Real growth in private consumption in the first half of this year was 3.5%. he growth in imports of goods for private consumption, strong lending activity and buoyant retail trade all point to the continued strength of private consumption. ower interest rates on time deposits and hence increased transactions owing to investments in other forms of saving additionally contributed to 1 growth espite strong credit activity the growth of broad money remains modest as a result of outflows through foreign transactions. he reduction in net foreign assets in July and ugust totalled 38.0 billion, compared with 23.7 billion in the same period last year. Credit growth is strong. n this period it totalled 88.5 billion. ources of 3 creation nnual growth (%) Flow evel billions ug. 03 ug. 04 ug. 04 ug FRG ,026.7 ank of lovenia ,302.2 anks CUR ,521.8 nterprises ,914.2 ther financial organisations Households Government CP RRV HR ( ) ,873.8 ource: ank of lovenia emand deposits Cash olar time deposits Foreign exchange deposits UPPY F 3 (12 month flow in billions) 3 et foreign assets omestic lending CP F 3 (annual % growth) onth ly ulletin, ug - ep 2004

23 K VJ K F V Credit activity continues to be strong. From June to ugust domestic bank lending grew by billion, compared with billion in the same period last year. Credit activity during this period was strongest in June ( 98.1 billion); it then fell gradually to reach 19.1 billion in ugust. his is a normal seasonal trend. Year-on-year lending growth is continuing to rise. n ugust it was 18.8%. Foreign currency credit remains the most important form of bank lending, particularly to enterprises. n the period from January to ay foreign currency credit accounted for 65.8% of total lending, and from June to ugust 69.8%, with enterprises accounting for over 90% and households less than 10%. he year-on-year growth rate of foreign currency lending in recent months was therefore just under 50%. he composition of tolar lending continues to be dominated by long-term loans. From June to ugust long-term tolar lending grew by 43.5 billion, of which households accounted for 37.0 billion. he year-on-year rate of growth of long-term tolar lending in ugust was 14.2%, and of shortterm tolar lending 5.4% he increase in total domestic and foreign borrowing by enterprises results from stronger economic activity. From January to July total lending to enterprises grew by billion, compared with billion in the same period last year. GP growth in the first half of 2004 of 4.2% was approximately two percentage points higher than in the first half of he level of industrial production was also substantially higher than in the first half of last year C K G (annual % growth) enterprises households government RPR (12 month flow in billions) total domestic banks from abroad nterprises are largely financing the stronger economic activity through domestic loans. Foreign loans are gradually declining as a share of total domestic and foreign lending. n January to July this year they represented approximately one- quarter of the total, compared with over 35% in the same period last year. From January to July this year enterprises foreign borrowing totalled just 63.9 billion, down some 20 billion on the same period last year. nterprises are therefore replacing foreign sources of financing with domestic sources, mostly domestic foreign currency credit. his is mainly a result of falling domestic interest rates and the lifting of restrictions on foreign currency lending. trong lending to households, which began at the end of last year, is continuing. From January to ugust this year household borrowing totalled 86.3 billion, compared with just 37.6 billion in the same period last year. he share of long-term tolar loans this year is almost 90%. Foreign currency lending to households remains modest, while lending in tolars linked to a foreign currency clause is growing in strength. ending to households was particularly strong in July, when it totalled 22.6 billion and was twice the average monthly growth this year short-term long-term C K G HUH (annual % growth) ncreased government borrowing in June was a result of the repayment of liabilities stemming from securities issued abroad. n June the government borrowed 62.3 billion from banks, approximately half of which was in the form of securities and half was in foreign currency loans. n July and ugust the government borrowed just 3.7 billion from banks. C G nnual growth (%) ncrease tock billions ug. 03 ug. 04 ug. 04 ug. 04 to enterprises ,795.3 short-term long-term foreign-currency to other fin. orgs short-term long-term foreign-currency to households short-term long-term foreign-currency to government short-term long-term foreign-currency Jul. 03 Jul. 04 Jul. 04 Jul. 04 FR R* ,374.8 to enterprises + Fs ,192.3 to government ,154.9 *otal nonbanks.ource: ank of lovenia onth ly ulletin, ug - ep

24 K VJ K F V 7. KG arge banks edium-sized banks mall banks (annual % growth) Year-on-year growth in banks total assets in ugust was 10.6%, the third successive month of year-on-year growth between 10% and 11%. Current growth in both months was less than 1% (0.7% in July and 0.8% in ugust). he year-on-year rate of growth in the volume of transactions has been falling in recent months for large banks and medium-sized banks, while it has risen again for small banks. For large banks it is a little over 6%, having fallen by two percentage points since the start of the year. t is a similar picture for medium-sized banks, for which the growth rate is approaching 13%. For small banks the rate of growth in the volume of transactions has been rising in recent months. n ugust it was 24% year on year. t is small banks that have recorded the highest levels of current growth of total assets in recent months. he market share of total assets of those banks controlling the largest part of the market is falling slightly. t the end of ugust the three largest banks in terms of total assets still had more than half of the total assets in the banking system, the five largest banks around two-thirds and the seven largest banks close to four-fifths. he market share of the biggest banks in terms of lending to non-bank customers is somewhat smaller, and even smaller still in terms of lending to households. Year-on-year credit growth continues to rise. n ugust it was over 21%. Growth of investments in securities has C H evel in ; growth in % ssets oans to banks oans to non-banks of which enterprises.households...other financial orgs. ecurities 1) Capital investments ther 2) iabilities anks 3) eposits by non-banks ecurities Provisions 4) ubordinated debt quity ther evel Growth since ug. 04 ec , , , , , , , , , , , , , , , , ource: monthly bank figures. 1) ll securities, including bills at ank of lovenia. 2) Cash, fixed asset and accrued income and prepayments. 3) iabilities towards domestic and foreign banks and the ank of lovenia. 4) For potential and general risks combined. been falling for some time and in the last two months it was negative. Growth in loans to households is continuing to rise. n the first eight months of this year loans to nonbank customers grew by 12.6%, while investments in securities declined. nvestments in ank of lovenia bills fell. oans to enterprises have grown by 11.9% this year, and to households by 14.2%. Year-on-year growth in loans to enterprises has remained around 20% for a number of months. With growth of 202 billion, loans to enterprises account for the majority of the 360 billion increase in total assets this year. Year-on-year growth in loans to households is still rising. n ugust it was over 19%. From January to the end of ugust this year loans to households increased by nearly 90 billion, compared with a rise of 66 billion over the whole of last year. he rate of growth in lending to households continues to vary strongly between banks. he fastest growth is in lending to households by foreign-owned banks (over 40% year on year). he year-on-year rate of growth in foreign currency lending to non-bank customers remains close to 50%, compared with just over 11% for tolar lending. n the context of these trends the currency composition of lending is also changing. y the end of ugust the share of foreign currency loans outstanding in total lending reached one-third. hortterm foreign currency lending is growing faster than long-term foreign currency lending. Year-on-year growth of short-term foreign currency loans is over 50%, while long-term foreign currency loans are growing at 46.3% year on year. n foreign currency lending, short-term loans have been growing faster than long-term loans since June. omestic banks are obtaining most of their financing this year from foreign banks. his type of borrowing has accounted for nearly two-thirds of the increase in banking system liabilities this year. iabilities to foreign banks grew by 51.8% year on year from January to the end of ugust. n the first eight months of this year banks increased their liabilities of this type by 233 billion, which is twice the increase in non-bank deposits ( billion). Weak growth in non-bank deposits (less than 5% year on year) means that the share of deposits in banks total liabilities is continuing to fall. y ugust it had shrunk C 2004 y.o.y. billions; growth in % Jan.-ug. growth nterest income nterest expense et interest income on-interest income Gross income perating costs et provisions Profit before tax axes Profit after tax onth ly ulletin, ug - ep 2004

25 K VJ K F V to less than 63%, compared with 65% in ecember last year and 69% a year and a half ago. Foreign currency deposits are growing faster than tolar deposits the growth rates are 11% and 2% respectively. he maturity composition of bank deposits is also shortening. emand deposits are increasing very rapidly, by almost 19% year on year, while short-term deposits remain unchanged and long-term deposits are declining. n ugust long-term deposits accounted for just 7.8% of total non-bank deposits, while the share of short-term deposits was 54.4% and the share of demand deposits was 37.8% nterest margin on-interest margin Financial intermediation margin ovements in the financial intermediation margin (%, 12 month moving average) *argins calculated on the basis of net non-interest income, net interest income and total assets anks net interest income from January to ugust this year was equal to that earned in the same period last year. he volume of interest expenses fell by 23.1% compared with the same period last year, and the volume of interest income by 13.2%. he banks compensated for the decline in net interest income with an increase in non-interest income, which grew by 30% year on year. he biggest increase in this category came from net income from financial operations, which more than doubled. he volume of income from fees and charges, which represent the most important part of non-interest income, has risen by 13.2% this year. he banks gross income is growing year on year at almost the same rate as their total assets. he increase in the banks operating costs in the first eight months of this year compared with the same period last year was minimal. he higher level of provisioning costs, resulting from more buoyant credit activity, did not therefore substantially affect profits, which totalled 42 billion in the first eight months of this year. perating costs grew by only 1.8% in the eight months to the end of ugust compared with the same period last year, while the ratio of operating costs to the banks total assets also improved. he growth in labour costs (5.2% year on year) was slightly higher than the growth in operating costs, which had the effect of increasing their share of operating costs by 1.8 percentage points to 53.2%. Provisioning costs rose strongly, by two-thirds. he banks maintained their profitability at a similar level to last year in the same period. he financial intermediation margin remained more or less unchanged from January to ugust. he banks made up for the slight reduction in the interest margin with an increase in the non-interest margin. he interest margin (calculated for the last twelve months and measured in proportion to total assets ) was 2.8% in ugust, while the noninterest margin was 1.9%. Hence the financial intermediation margin was maintained at over 4.7%. et interest fell as a share of the banks gross income in the first eight months of this year compared with the same period last year. number of the banking indicators have improved. Higher non-interest income and continued modest growth in operating costs meant the coverage of operating costs with non-interest income has improved to 69.5% this year, up 15.1 percentage points on the same period last year. he banks cost-to-income ratio in the first eight months of this year of 57.9% was almost five percentage points lower than in the same period in 2003, while net interest as a share of the banks gross income (just under 60%) was 6.1 percentage points less than in the same period last year. Return on equity and return on assets in the first eight months of this year were similar to the levels recorded in the same period last year. n the first half of this year R was 15.5% and R 1.2% C section of banks' income statement: billions et interest income (1-8) 2004 (1-8) *net provisions, net income from financial transactions and other net income et non-interest i * Gross income ,7 15, (1-8) 13, (1-8) 12,5 1,1 1,0 1,2 1,2 0,5 4,8 R R perating expenses/assets KG PRFRC CR (%) *n average gross interest-bearing assets 3,33,2 3,6 3,7 3,02,9 3,23,3 2,7 2,9 et interest margin* RU F K' GR C: billions (1-8) 2004 (1-8) Gross income perating costs et provisions Profit onth ly ulletin, ug - ep

26 K VJ K F V 8. XCHG R UR XCHG R FRG XCHG RK annual % growth one-month (30-day moving ave.) one-year J F J J he average market exchange rate of the euro in July and ugust was /UR 239.8, some 0.16 tolars above the central parity of /UR ownward pressure on the tolar led the ank of lovenia to intervene in the foreign exchange market on 27 July by selling foreign exchange rate outright. n the summer months the ank of lovenia left interest rates on its key instruments unchanged, so uncovered interest parity remains at 2%. n July and ugust demand for foreign exchange exceeded supply by almost 60 billion. emand exceeded supply on the spot, forward and exchange markets in July by 35.9 billion on total transactions of billion. n ugust demand exceeded supply by 23.9 billion on somewhat lower total transactions of billion. July and ugust also saw a seasonal increase in demand for foreign currency at exchange offices; excess demand in July was 21 billion and in ugust 6.2 billion. on-residents bought 50.3 billion net in foreign exchange on the spot and forward exchange markets in July and ugust. otal transactions by non-residents in July Jun. Jul. ug. XCHG R: market rates (averages) FX market: UR U xchange offices: Growth rates annual growth ug.- ug.- of market rates ec. 02 ec. 03 ug. 04 Jul. ec. UR U asket 1) ) asket/effective exchange rate: basket of 7 currencies of lovenia's main foreign trade partners (excluding Croatia), weighted by shares in lovenian goods trade. From January 2002 onwars three currencies are taken into account (UR, U, CHF). ources: o, tatistical ffice of the Republic of lovenia and various foreign sources. were billion, and in ugust billion. n July and ugust they purchased 93.9 billion net on the forward market and sold 43.6 billion net on the spot market. onresidents purchased 0.5 billion net in foreign exchange on the two markets together in the first half of eptember. nterprises sold 16 billion net in foreign currency in July and ugust. n the spot foreign exchange market enterprises sold 19.8 billion net on total transactions of billion, and on the forward foreign exchange market purchased 3.7 billion net on total transactions of 5.5 billion. 1,600 1,400 1,200 1, P FRG XCHG RK (UR millions) alance (net bank purchases) Purchases ales onth ly ulletin, ug - ep 2004

27 K VJ K F V 9. R R ank of lovenia refinancing rate 60-day tolar bills 270-day tolar bills olar ndexation Clause 270-day tolar bills ank of lovenia refinancing rate 60-day tolar bills J F J J K R R - (nominal) long-term (ave.) long-term (lowest) short-term (ave.) short-term (lowest) K R R - P (nominal) day deposits 91-day deposits 181-day deposits deposits over one year n July and ugust the ank of lovenia left interest rates on its key instruments unchanged: on lombard loans at 5.00%, on 60-day tolar bills at 4.00% and on 270-day tolar bills at 4.20%. lso unchanged were the price of buy-sell swaps (1.0%) and the refinancing rate at the ank of lovenia (3.00%). he interest rate on the money market continued to come down in July and ugust. n July the money market interest rate was 0.48 percentage points lower than in the previous month at an average of 3.93%; in ugust it fell again by 0.23 percentage points to 3.70%. he interest rate on overnight deposits () fell by 0.51 percentage points in July compared with the previous month, and in ugust by a further 0.24 percentage points. t averaged 3.91% in July and 3.68% in ugust. nd of period 2004 % per annum ug. ank of lovenia interest rates Refinancing rate WP day tolar bills day tolar bills nterbank interest rates nterbank market (1 mths) (3 mths) (6 mths) (12 mths) Foreign interest rates C refinancing rate uribor 3 mths uribor 1 year yt govt. bonds U(12)* ndicators olar indexation clause Foreign currency clause *U 12 average he interest rate yield curve fell again in July compared to June. he fall was bigger at the shorter maturities, ranging from 0.38 to 0.50 percentage points. n July and ugust the ank of lovenia made eight closed offers to selected banks to subscribe to 270-day central bank bills. t the first two auctions in July the quota was 3 billion and at the last two auctions in the month it was 5 billion. n ugust the ank of lovenia made a further four offers to banks to subscribe to 270-day central bank bills and on each occasion the quota was 2 billion. uction interest rates for one-month treasury bills fell in July and ugust, from 3.91% on 7 July to 3.66% at the last auction in ugust (on the 25th). emand at all the auctions exceeded supply by between 1.4 and 2 times. he same applied to auctions of three-month, six-month and twelve-month treasury bills. he interest rate at the last auction of three-month treasury bills (24 ugust) was 3.73%, for six-month treasury bills (24 ugust) it was 3.67%, and for twelve-month treasury bills (27 July) it was 3.70%. he falling trend of bank interest rates continued in July and ugust. n the assets side the biggest drop was again in interest rates on housing construction loans, which fell by 0.3 percentage points. n ugust they averaged 7.3%. nterest rates on short-term loans to non-financial corporations and on consumer loans fell by 0.2 percentage points, and on longterm loans to non-financial corporations by 0.1 percentage points. n the liabilities side interest rates fell by between 0.1 and 0.5 percentage points. he biggest fall was in interest rates on deposits with an agreed maturity of over five years, onth ly ulletin, ug - ep

28 K VJ K F V while the fall was smaller at shorter maturities. nterest rates on deposits with an agreed maturity of three to six months fell by 0.3 percentage points; interest rates on deposits with an agreed maturity of six to twelve months fell by 0.4 percentage points; and interest rates on deposits with an agreed maturity of one to five years fell by 0.3 percentage points. he smallest fall (0.1 percentage points) was in interest rates on deposits with an agreed maturity of up to one month. Compared to euro area interest rates the differential in July was largest for short-term loans to non-financial corporations (4.27 percentage points) and smallest for consumer loans (1.17 percentage points). We expect the monthly rate of the tolar indexation clause in eptember to remain at 0.3%. For it to fall to 0.2% would require an inflation rate in eptember of less than 0.2%. ank interest rates (% per annum) ec. ec. Jul. ug. eposits (lovenia) more than 1 month months months year oans (lovenia) - loans to households loans to households Consumer loans Housing loans oans (U)* - loans to households loans to households Consumer loans Housing loans *Weighted average of U country interest rates.- 24 onth ly ulletin, ug - ep 2004

29 K VJ K F V. C Y K onetary aggregates onetary urvey - Consolidated alance heet of the onetary system alance heet of the ank of lovenia alance heet of eposit oney anks eposit oney anks Claims on omestic on-monetary ectors eposit oney anks iabilities to omestic on-monetary ectors eposit oney anks Claims on on-residents eposit oney anks iabilities to on-residents ank of lovenia 10-day balance sheet FC RK ank of lovenia nterest Rates nterbank oney arket Rates and ndexation Clause verage Commercial anks nterest Rates (olar ndexation Clause) verage Commercial anks nterest Rates (Foreign xchange ndexation Clause) nterest Rates on ew oans verage Commercial anks nterest Rates on the asis of nterest ncome and nterest xpenses (olar ndexation Clause) verage Commercial anks nterest Rates on the asis of nterest ncome and nterest xpenses (Foreign xchange ndexation Clause) Government hort-erm ecurities Rates Government ong-erm ecurities Rates etwork of Commercial anks ap: umber of ank units in ocal comunity RG and Giro Clearing ransactions odern nstruments of Payment Payment Cards ther odern nstruments of Payment he jubljana tock xchange: urnover by arket egment and ype of ecurities he jubljana tock xchange: arket Capitalization and urnover Ratio he jubljana tock xchange: lovenian tock xchange ndex and ond ndex elected ank of lovenia xchange Rates elected ank of lovenia xchange Rates: aily Rates urnover and xchange Rates on the pot xchange arket and on the Foreign Currency xchange arket by the Contract greement urnover and xchange Rates on the pot xchange arket and on the Foreign Currency xchange arket by the Contract greement - aily Rates onthly ulletin, ug - ep

30 K VJ K F V urnover on the Forward xchange arket by the Contract greement urvey of the pot and Forward xchange arket and of the Foreign Currency xchange arket by the Contract ettlement 3. C F PY XR P alance of Payments alance of Payments - overview alance of Payments - Current ccount alance of Payments - Capital and Financial ccount Current ccount by countries erchandise rade by countries erchandise rade; he ffective xchange Rate erchandise rade by sections of C and by end use hort - term commercial credits - liabilities hort - term commercial credits - claim nternational nvestment Position of lovenia - ssets nternational nvestment Position of lovenia - iabilities et external debt position Gross external debt position ebt - service payment schedule ebt indicators nternational iquidity H R CR erivation and xpenditure on Gross omestic Product Quarterly Real Gross omestic Product ndustry ravel mployment and Unemployment verage Wages and alaries Registered Households ncome Prices PUC FC General Government Revenues and xpenditure General Government ending, Repayments and Financing ebt of Republic of lovenia egend: - no occurence... not available. provisional or estimated * corrected data / average 0 value less than 0.5 1,2,3,... footnote, explained in otes on ethology ums of part figures may differ from totals due to roundings..- 2 onthly ulletin, ug - ep 2004

31 K VJ K F V 1.1. onetary ggregates illions of olars ational definition Harmonised C definition Y ase money H1 H2 H3 Column Code ec ec ec ec ec ec ec ec ec ec Jan Feb ar pr ay Jun Jul ug ep ct ov ec K Jan Feb ar pr ay Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug onthly ulletin, ug - ep

32 K VJ K F V Y K 1.2. onetary urvey - Consolidated alance heet of the onetary ystem illions of olars ssets Foreign assets ank of lovenia eposit money banks otal Claims of on central government omestic assets Claims of banks on general government Central government ther general government oans etc. ecurities oans ecurities Column Code 1 2 3= = ec ec ec ec ec ec ec ec ec ec ay Jun Jul ug ep ct ov ec otal Jan Feb ar pr ay Jun Jul ug illions of olars iabilities Foreign liabilities ank of lovenia eposit money banks otal Currency in circulation emand deposits at banks emand deposits at nterprises and F Central government otal otal Column Code 1 2 3= =6+7 9= ec ec ec ec ec ec ec ec ec ec ay Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug onthly ulletin, ug - ep 2004

33 K VJ K F V omestic assets Claims of banks on other sectors nterprises onmon. fin. institutions ndividuals oans etc. ecurities oans etc. ecurities otal otal ssets ther assets otal Y = = = K iabilities 3 olar time deposits at banks Government time deposits at ecurities in olar otal Foreign curr. deposits at banks ecurities in foreign currency otal ther liabilities otal = = = onthly ulletin, ug - ep

34 K VJ K F V Y K 1.3. alance heet of the ank of lovenia illions of olar ssets Foreign assets Reserve position Gold Rs Currency eposits ecurities ther claims with F Column Code = ec ec ec ec ec ec ec ec ec ec Jun Jul ug ep ct ov ec otal Claims on general government Jan Feb ar pr ay Jun Jul ug illions of olars iabilities eposits otes issue Giro and reserves accounts eposits of banks ime deposits - vernight deposits Foreign currency deposits otal emand deposits General government deposits ime deposits Foreign currency deposits onmonetary financial institutions Column Code = = ec ec ec ec ec ec ec ec ec ec Jun Jul ug ep ct ov ec otal ther demand deposits nterprises Jan Feb ar pr ay Jun Jul ug onthly ulletin, ug - ep 2004

35 K VJ K F V ombard loans iquidity loans oans Repurchase agreements Claims on domestic banks ther loans otal eposits ther claims = otal ssets ther assets otal 17= Y K iabilities eposits otal otal ank of lovenia bills olar bills Foreign currency bills otal Restricted deposits oney transfers in transit eposits and llocation of loans of F Rs Capital and reserves ther liabilities otal 12= = = onthly ulletin, ug - ep

36 K VJ K F V Y K 1.4. alance heet of eposit oney anks illions of olars ssets Cash Reserves Giro and reserves accounts Claims on the monetary system eposits, loans and other bills anks' securities omestic assets Column Code ec = ec ec ec ec ec ec ec ec ec Jun Jul ug ep ct ov ec otal verdrafts and advances Claims on non-monetary sectors oans-up to 1 oans-over 1 year 1 year Commercial papers and bonds Jan Feb ar pr ay Jun Jul ug illions of olars iabilities omestic liabilities iabilities to the monetary system iabilities to non-monetary sectors eposits oans from oans from banks otal emand deposits avings deposits olar deposits ime deposits Restricted deposits otal Foreign currency deposits Column Code = = ec ec ec ec ec ec ec ec ec ec Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug onthly ulletin, ug - ep 2004

37 K VJ K F V hares and participations omestic assets otal 11 12= ther assets otal 13 14= Claims on banks Currency and deposits oans Foreign assets ecurities oans to nonmonetary sectors ther claims (on Y) 19 20= otal ssets otal 21 Y K iabilities omestic liabilities Foreign liabilities iabilities to banks ther for. curr. liabilities to govt. 1 otal ecurities issued Capital and reserves ther liabilities otal eposits orrowings 1 iabilities to non-monetary sectors otal otal 11 12= = = onthly ulletin, ug - ep

38 Y K VJ K F V 1.5. eposit oney anks Claims on omestic on-monetary ectors illions of olars olar loans verdrafts etc. Up to 1 year ver 1 year olar claims Claims Commercial papers and bonds otal arketable nvestment otal hares and participations otal K Column Code = otal 6 7= = ec. 25, , , ,719 10, , ,547 14, , ec. 33, , , ,238 16, , ,818 17, , ec. 39, , , ,996 13, , ,341 16, , ec. 47, , , ,297 19, , ,100 16,788 1,090, ec. 57, , , ,287 49, , ,740 20,044 1,319, ec. 67, , ,648 1,187,399 75, , ,617 27,755 1,545, ec. 77, , ,113 1,368, , , ,726 30,589 1,754, ec. 86, , ,967 1,578, , , ,446 32,643 2,036, ec. 94, , ,271 1,672, , , ,861 33,451 2,237, ec. 107, ,835 1,126,829 1,831, , , ,348 35,466 2,442, ov. 118, ,390 1,106,116 1,828, , , ,187 35,281 2,433, ec. 107, ,835 1,126,829 1,831, , , ,348 35,466 2,442, Jan. 107, ,762 1,127,077 1,842, , , ,996 35,011 2,455, Feb. 110, ,402 1,135,132 1,858, , , ,484 36,057 2,479, ar. 113, ,175 1,151,166 1,872, , , ,413 37,330 2,491, pr. 110, ,104 1,158,509 1,880, , , ,051 37,494 2,515, ay 113, ,234 1,162,188 1,895, , , ,313 37,516 2,534, Jun. 113, ,057 1,175,575 1,912, , , ,605 36,352 2,579, Jul. 116, ,339 1,208,851 1,939, , , ,212 37,576 2,629, ug. 121, ,809 1,205,713 1,938, , , ,401 36,715 2,626,134 nterprises and non-profit institutions ec. 6, ,730 78, ,658 6,434 15,423 21,858 13, , ec. 7, , , ,470 6,772 16,703 23,475 12, , ec. 5, , , ,183 7,756 16,379 24,135 13, , ec. 6, , , ,365 11,962 11,725 23,688 14, , ec. 7, , , ,290 33,772 13,107 46,879 15, , ec. 6, , , ,813 36,733 11,880 48,614 17, , ec. 8, , , ,058 47,094 12,360 59,454 17, , ec. 10, , , ,599 66,637 2,145 68,782 17,552 1,015, ec. 15, , , ,170 97,741 2, ,568 15,559 1,061, ec. 20, , ,392 1,011, , ,504 14,636 1,140, ov. 23, , ,016 1,013,313 98, ,812 14,894 1,128, ec. 20, , ,392 1,011, , ,504 14,636 1,140, Jan. 22, , ,375 1,014,430 99, ,727 15,153 1,130, Feb. 23, , ,484 1,019,669 91, ,669 14,636 1,126, ar. 24, , ,136 1,020,474 88, ,748 15,596 1,125, pr. 23, , ,731 1,024,912 86,857 1,579 88,435 15,589 1,128, ay 24, , ,790 1,027,946 86,012 1,580 87,592 15,589 1,131, Jun. 24, , ,971 1,028,424 87,093 1,583 88,675 15,382 1,132, Jul. 24, , ,880 1,047,908 92,658 5,976 98,634 15,371 1,161, ug. 27, , ,817 1,029,343 94,954 8, ,525 15,370 1,148,238 Central government ec ,837 3,594 4, , , , ec ,524 2,729 10, , , , ec ,919 3,288 5, , , , ec. 1, ,289 12,384 7, , , , ec. 2, ,999 38,021 16, , , , ec. 2,511 8,316 40,967 51,794 38, , , , ec. 4,373 5,550 42,105 52,029 55, , , , ec. 2,969 3,482 57,431 63,881 95, , , , ec. 2,116 5,632 84,751 92, , , , , ec. 1,565 1,719 94,884 98,168 70, , , , ov. 14,406 4,628 90, , , , , , ec. 1,565 1,719 94,884 98,168 70, , , , Jan. 4,181 4,556 94, ,105 80, , , , Feb. 3,640 4,571 94, ,538 84, , , , ar. 4,923 5, , ,099 86, , , , pr. 4,158 1, , ,776 90, , , , ay 5,329 5,685 99, ,407 95, , , , Jun. 7,888 7, , , , , , , Jul. 8,550 6, , , , , , , ug. 9,718 16, , , , , , , onthly ulletin, ug - ep 2004

39 K VJ K F V 1.5. eposit oney anks Claims on omestic on-monetary ectors (continued) verdrafts etc. Up to 1 year Foreign currency loans Foreign currency claims ver 1 year Claims otal Foreign currency securities otal otal Y = = =9+15 otal 1,281 21,923 74,625 97,828 6, , , ,209 83, ,806 4, , , ,912 81,626 98,924 8, ,025 1,045, ,081 74,406 93,298 12, ,588 1,195,773 1,525 57,384 79, ,389 9, ,221 1,467, , , ,764 19, ,488 1,753,260 1,275 90, , ,906 31, ,915 2,047,807 2, , , ,840 31, ,584 2,404,816 1, , , ,280 34, ,597 2,744,953 1, , , ,914 35, ,435 3,123,294 1, , , ,435 36, ,948 3,092,878 1, , , ,914 35, ,435 3,123,294 1, , , ,944 34, ,351 3,142,769 1, , , ,503 34, ,867 3,191,931 1, , , ,476 33, ,324 3,242,752 1, , , ,403 33, ,306 3,289,137 1, , , ,816 34, ,666 3,335,247 1, , , ,945 34, ,701 3,433,352 1, , , ,667 32, ,550 3,502,743 1, , , ,441 32, ,707 3,521,841 nterprises and non-profit institutions 1,270 12,187 62,872 76, , , ,953 58,360 75, , , ,094 54,924 71, , , ,081 46,952 65, , ,208 1,397 47,911 51, , , , ,374 84, , , ,520 1,144 88, , , ,411 1,077,965 2, , , , ,027 1,327,960 1, , , , ,031 1,481, , , , ,362 1,734,809 K 1, , , , ,051 1,701, , , , ,362 1,734,809 1, , , , ,507 1,733,817 1, , , , ,620 1,753,594 1, , , , ,133 1,789,951 1, , , , ,078 1,811,014 1, , , , ,272 1,836,399 1, , , , ,761 1,858,243 1, , , , ,684 1,905,597 1, , , , ,006 1,914,245 Central government - 9,736 11,753 21,489 6,289 27, , ,218 25,317 4,550 29, , ,703 26,767 8,100 34, , ,453 27,453 12,290 39, ,257-9,473 23,884 33,358 9,832 43, , ,757 23,785 18,890 42, , ,561 24,590 30,208 54, , ,665 5,804 31,744 37, , ,138 20,222 34,318 54, , ,826 12,848 35,522 48, , ,971 13,057 36,513 49, , ,826 12,848 35,522 48, , ,873 12,894 34,407 47, , ,887 12,908 34,364 47, , ,796 9,817 33,848 43, , ,021 10,042 33,903 43, , ,927 9,948 34,850 44, ,143-28,238 9,879 38,117 34,757 72, ,291-25,201 9,938 35,139 32,883 68, ,791-22,062 9,947 32,010 32,266 64, ,199 onthly ulletin, ug - ep

40 K VJ K F V Y K 1.5. eposit oney anks Claims on omestic on-monetary ectors (continued) illions of olars verdrafts etc. Up to 1 year olar loans ver 1 year otal olar claims Claims Commercial papers and bonds arketable nvestment hares and participations Foreign currency claims Column Code = = = =9+10 ndividuals ec. 17,788 8,402 65,366 91, , , ec. 26,278 7, , , , , ec. 32,996 5, , , , , ec. 40,336 6, , , , , ec. 46,955 7, , , , , ec. 57,897 26, , , ,947 2, , ec. 65,196 32, , , ,842 3, , ec. 73,832 37, , , ,204 3, , ec. 77,108 41, , , ,090 4, , ec. 85,455 42, , , ,491 6, , ov. 81,027 42, , , ,839 5, , ec. 85,455 42, , , ,491 6, , Jan. 81,261 42, , , ,341 6, , Feb. 83,785 42, , , ,491 7, , ar. 84,023 43, , , ,757 8, , pr. 83,454 43, , , ,392 9, , ay 82,915 44, , , ,676 10, , Jun. 80,431 44, , , ,422 11, , Jul. 82,654 45, , , ,490 12, , ug. 84,134 45, , , ,128 14, ,137 ther general government ec. - 1,612 3,536 5, ,188-5, ec. - 2,079 5,430 7, ,537-7, ec. - 3,969 6,628 10, ,620-10, ec. - 14,653 15,373 30, ,046-30, ec. - 11,919 23,310 35, ,242-35, ec. 0 4,217 2,262 6, ,268 1, , , ec. 0 16,280 3,867 20, ,325 1, , , ec. 0 19,933 4,287 24, , , ec. 0 19,846 9,097 28, , , ec. 0 19,968 12,527 32, , ,496 otal otal otal ov. 0 21,852 9,159 31, , , ec. 0 19,968 12,527 32, , , Jan. 0 23,865 12,342 36, , , Feb. 0 24,577 12,190 36, , , ar. 0 20,189 12,056 32, , , pr. 0 15,756 11,836 27, , , ay 0 15,547 11,736 27, , , Jun. 0 15,322 12,084 27, , , Jul. 0 3,484 11,531 15, , , ug. 0 3,837 11,411 15, , ,314 onmonetary financial institutions ec ,967 1,416 3, ,767 5, , ec. 84 3,559 1,420 5, ,378 9,746 3,157 12, ec. 92 4, , ,328 8, , ec ,217 2,383 9, ,380 12, , ec ,128 1,819 11, ,719 15,779 4,584 20, ec ,226 3,897 21, ,229 31,596 6,223 37, ec ,987 4,290 25, ,547 39,046 12,510 51, ec ,019 8,089 28, ,091 43,652 15,402 59, ec ,446 8,777 32, ,170 2,170 17,892 52,403 28,695 81, ec ,304 22,184 51, ,912 2,912 20,830 75,324 31, , ov ,874 19,590 46, ,623 3,164 20,386 70,187 30, , ec ,304 22,184 51, ,912 2,912 20,830 75,324 31, , Jan ,029 22,243 54, ,601 2,601 19,858 76,787 30, , Feb ,427 23,492 56, ,607 2,607 21,421 80,085 31, , ar ,200 24,839 50, ,612 2,612 21,733 74,455 35, , pr ,242 24,319 53, ,777 2,777 21,905 78,296 37, , ay 96 29,641 23,703 53, ,783 2,783 21,927 78,150 40, , Jun ,066 22,660 54, ,110 3,110 20,970 78,925 43, , Jul ,372 21,369 47, ,977 2,977 22,206 73,007 48, , ug ,222 21,376 43, ,605 2,605 21,344 67,596 51, , onthly ulletin, ug - ep 2004

41 K VJ K F V 1.6. eposit oney anks iabilities to omestic on-monetary ectors illions of olars olar demand deposits 1-30 days days 91 days-1 year olar deposits olar time deposits ther shortterm iabilities ver 1 year Column Code = = =9+10 otal general government ec ec ec ec ec ec ec ec ec ec ov ec Jan Feb ar pr ay Jun Jul ug onmonetary financial institutions ec ec ec ec ec ec ec ec ec ec ov ec otal olar restricted deposits otal Foreign currency liabilities otal Y K Jan Feb ar pr ay Jun Jul ug onthly ulletin, ug - ep

42 K VJ K F V Y K 1.6. eposit oney anks iabilities to omestic on-monetary ectors (continued) illions of olars olar demand deposits olar savings deposits 1-30 days olar deposits olar time deposits days 91 days-1 year iabilities ther shortterm ver 1 year Column Code = = otal ec. 157, , ,992 82, , ,421 3, , ec. 193, , , , , ,157 2, , ec. 228, , , , , ,608 2, , ec. 264,878 2,129 74, , , , ,103 2, , ec. 328,681 4, , , , , ,809 3,560 1,166, ec. 376,606 16, , , , , ,909 3,200 1,287, ec. 421,605 22,173 92, , , , ,783 4,411 1,418, ec. 490,294 24,812 98, , , ,496 1,261,670 5,012 1,781, ec. 564, , , , ,734 1,537,700 2,820 2,105, ec. 626, , , , ,234 1,579,054 3,910 2,209, ov. 599, , , , ,301 1,603,416 4,445 2,207, ec. 626, , , , ,234 1,579,054 3,910 2,209, Jan. 619, , , , ,222 1,577,190 9,433 2,206, Feb. 624, , , , ,095 1,588,455 4,775 2,217, ar. 633, , , , ,550 1,581,195 4,573 2,218, pr. 649, , , , ,125 1,576,104 5,133 2,230, ay 679, , , , ,715 1,546,969 4,818 2,231, Jun. 709, , , , ,417 1,494,595 5,693 2,210, Jul. 719, , , , ,869 1,496,772 5,844 2,222, ug. 725, , , , ,940 1,484,073 5,514 2,215,499 nterprises and non-profit institutions ec. 49,491-14,115 46,875 52, , ,667 3, , ec. 58,836-12,543 46,785 70, , ,448 2, , ec. 70,223-18,440 70,439 65, , ,687 2, , ec. 86,218-29,629 65,938 84, , ,493 2, , ec. 102,931-43,214 72,396 80, , ,704 3, , ec. 109,544-39,744 65,311 97, , ,438 2, , ec. 116,402-39,906 63,533 93, , ,084 3, , ec. 129,948-38,838 65, , , ,890 2, , ec. 130,256-32, , , , ,374 2, , ec. 142,221-45, , , , ,063 3, ,675 otal olar restricted deposits otal ov. 130,472-40, , , , ,007 3, , ec. 142,221-45, , , , ,063 3, , Jan. 131,944-35, , , , ,442 4, , Feb. 129,020-41, , , , ,984 3, , ar. 132,480-42, , , , ,610 3, , pr. 134,851-45, , , , ,856 3, , ay 139,567-50, , , , ,702 3, , Jun. 146,935-52, ,365 97, , ,672 4, , Jul. 154,037-55, , , , ,216 3, , ug. 149,007-52, , , , ,585 3, ,178 ndividuals ec. 76, ,912 30,032 22,407-11,323 69, , ec. 99, ,227 31,942 34,188-17,930 89, , ec. 121, ,797 49,362 44,782-29, , , ec. 142,070 2,129 9,551 88,228 76,714-43, , , ec. 184,541 4,181 15, , ,987-63, , , ec. 235,475 16,470 18, , ,652-68, , , ec. 272,858 22,173 17, , ,557-78, , , ec. 333,199 24,812 20, , , , , , ec. 403,042-25, , , , , ,159, ec. 466,259-32, , , , , ,293, ov. 453,439-30, , , , , ,268, ec. 466,259-32, , , , , ,293, Jan. 468,370-33, , , , ,953 4,472 1,296, Feb. 476,889-33, , , , , ,299, ar. 481,103-33, , , , , ,299, pr. 495,125-34, , , , , ,296, ay 518,936-36, , , , , ,305, Jun. 543,942-36, , , , , ,311, Jul. 547,265-37, , , , , ,319, ug. 556,160-39, , , , , ,322, onthly ulletin, ug - ep 2004

43 K VJ K F V 1.6. eposit oney anks iabilities to omestic on-monetary ectors (continued) Foreign currency demand deposits Foreign currency savings deposits iabilities Foreign currency liabilities Foreign currency time deposits hort-term ong-term = = =10+17 otal 49,912 55,231 87,428 41, ,482 11, , ,349 64,265 85, ,633 53, ,966 10, , ,301 68, , ,559 33, ,996 68, ,033 1,116,696 65, , ,933 34, ,612 71, ,519 1,375,332 66, , ,786 39, ,228 59, ,287 1,639,518 97, , ,683 45, ,637 57, ,203 1,832, , , ,788 79, ,148 53, ,049 2,123, , , , , ,417 39, ,413 2,713, , , , , ,680 25, ,803 3,095, , , , , ,856 20,814 1,027,372 3,237, , , , , ,962 28,832 1,034,592 3,242, , , , , ,856 20,814 1,027,372 3,237, , , , , ,582 27,384 1,043,476 3,249, , , , , ,673 30,083 1,046,413 3,264, , , , , ,028 32,300 1,058,432 3,277, , , , , ,163 32,111 1,076,756 3,307, , , , , ,163 37,347 1,082,164 3,313, , , , , ,704 41,583 1,128,991 3,339, , , , , ,850 29,116 1,126,030 3,348, , , , , ,317 30,724 1,125,740 3,341,239 nterprises and non-profit institutions 5, ,183 11,830 18, ,124 4, ,984 15, ,879 5, ,205 24, ,589 5, ,875 24, ,698 4, ,191 19, ,336 27,417-4, ,020 10,087 41, ,981 44,427-28, ,812 12,720 85, ,904 52,258-31, ,151 30, , ,257 63,013-56, ,324 18, , ,234 65,042-53, ,267 16, , ,307 otal Foreign currency restricted deposits etc. otal otal Y K 69,934-49,631 1,014 50,646 23, , ,436 65,042-53, ,267 16, , ,307 68,485-50, ,813 22, , ,958 69,549-42, ,151 25, , ,824 68,152-45, ,507 27, , ,933 72,981-49, ,699 27, , ,257 71,882-47, ,778 32, , ,241 81,334-66, ,729 37, , ,445 78,265-67, ,131 25, , ,436 78,804-58, ,397 26, , ,099 ndividuals 44,002 55,231 86,494 39, , , ,178 59,927 85, ,127 52, , , ,169 62, , ,200 32, , , ,257 60, , ,378 34, , , ,533 61, , ,813 39, , , ,114 68, , ,665 45, , ,179 1,033,568 71, , ,641 78, , ,506 1,293, , , ,034 95, , ,314 1,756, , , ,221 96, , ,631 1,978, , , ,603 78, , ,453 2,138, , , ,317 80, , ,860 2,108, , , ,603 78, , ,453 2,138, , , ,244 78, , ,271 2,152, , , ,235 78, , ,566 2,160, , , ,421 77, , ,276 2,167, , , ,500 77, , ,073 2,172, , , ,145 77, , ,849 2,184, , , ,658 78, , ,984 2,199, , , ,647 80, , ,030 2,219, , , ,633 83, , ,698 2,227,967 onthly ulletin, ug - ep

44 Y K.- 16 onthly ulletin, ug - ep eposit oney anks Claims on on-residents illions of olars olar claims olar claims on banks hort-term otal eposits loans olar claims on non-monetary sectors otal Currency and deposits Claims on non-residents Foreign currency claims on banks hort-term oans Foreign currency claims Foreign otal currency otal securities For. curr. loans to non-monetary sector ther foreign currency claims Column Code 1 2 3= = =7+8 10= = = ec ec ec ec ec ec ec ec ec ec Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug ong-term otal otal K VJ K F V

45 onthly ulletin, ug - ep eposit oney anks iabilities to on-residents illions of olars olar loans and deposits of banks olar liabilities olar liabilities to nonmonetary sectors otal eposits iabilities to non-residents Foreign currency liabilities to banks hort-term oans Foreign currency liabilities Column Code 1 2 3= =5+6 8= =8+9 11= ec ec ec ec ec ec ec ec ec ec ong-term otal otal Foreign currency liabilities to nonmonetary sectors otal otal Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug K VJ K F V Y K

46 Y K.- 18 onthly ulletin, ug - ep ank of lovenia 10-day balance sheet illions of olars ssets Gold Reserve position with F nternational monetary reserves oans to banks ther claims on Rs Currency and deposits ecurities otal nonresidents (net) ombard Repo Column Code = = ,659 29,884 1, ,309 1,178,305 1,629,846 17, ,647, ,659 29,884 1, ,999 1,176,069 1,650,300 17, ,200 1,200 1,668, ,648 30,971 1, ,471 1,182,219 1,664,064 18,182 3,044 1,200 4,244 1,686, ,648 30,971 1, ,528 1,188,173 1,659,074 18, ,677, ,648 30,971 1, ,705 1,196,198 1,649,276 18, ,200 1,200 1,668, ,122 28,142 1, ,940 1,207,691 1,642,638 17, ,400 2,400 1,662, ,122 28,142 1, ,378 1,212,952 1,636,337 17, ,653, ,122 28,142 1, ,243 1,200,274 1,625,523 17, ,643, ,895 27,521 1, ,151 1,191,318 1,626,590 17, ,643, ,895 27,521 1, ,269 1,197,618 1,632,084 17, ,649, ,895 27,521 1, ,984 1,198,564 1,633,745 17, ,650, ,642, ,988 27,253 1, ,041 1,193,008 1,619,052 17, ,636, ,988 27,837 1, ,775 1,195,194 1,628,557 17, ,200 1,200 1,646, ,143 27,392 1, ,925 1,192,983 1,628,181 16, ,644, ,143 27,392 1, ,678 1,186,879 1,632,830 16, ,649, ,143 27,392 1, ,504 1,189,183 1,636,959 16, ,653, ,603 27,403 1, ,674 1,206,157 1,645,591 16, ,662, ,603 27,403 1, ,357 1,209,317 1,648,411 16, ,000 4,000 1,669, ,603 27,403 1, ,451 1,209,563 1,659,751 16, ,676, ,413 25,970 1, ,206 1,223,199 1,662,518 16, ,000 4,000 1,683, ,413 25,970 1, ,227 1,217,973 1,651,408 16, ,000 2,000 1,670, ,413 25,970 1, ,219 1,203,638 1,642,064 16, ,500 10,500 1,669, ,868 25,911 1, ,546 1,198,773 1,635,952 16, ,200 25,200 1,678, ,900 25,850 1, ,452 1,203,130 1,637,185 16, ,800 38,800 1,692, ,900 25,850 1, ,753 1,198,433 1,650,789 16, ,500 28,500 1,696, ,911 25,939 1, ,376 1,190,531 1,662,617 17, ,000 22,000 1,702, ,911 25,415 1, ,914 1,192,574 1,635,741 12, ,000 23,000 1,671, ,911 25,415 1, ,837 1,195,485 1,641,575 12, ,000 21,000 1,675, ,606 25,668 1, ,045 1,234,863 1,608,089 7, ,800 31,800 1,647, ,606 25,668 1, ,893 1,263,787 1,619,860 5, ,500 21,500 1,646, ,606 25,668 1, ,546 1,277,661 1,583,387 5, ,300 19,300 1,608, ,846 26,794 1, ,227 1,288,631 1,567,420 9, ,000 23,000 1,599, ,606 25,668 1, ,893 1,263,787 1,619,860 5, ,500 21,500 1,646, ,606 25,668 1, ,546 1,277,661 1,583,387 5, ,300 19,300 1,608, ,846 26,794 1, ,239 1,288,631 1,567,432 9, ,000 23,000 1,599, ,846 26,525 1, ,687 1,297,485 1,553,466 9, ,000 30,000 1,593, ,846 26,525 1, ,045 1,293,855 1,560,193 9, ,600 32,600 1,601, ,907 25,739 1, ,942 1,315,059 1,550,579 12, ,000 42,000 1,605, ,907 26,137 2, ,191 1,313,926 1,534,167 8, ,000 37,000 1,579, ,907 24,396 2, ,799 1,317,381 1,567,489 7, ,000 17,000 1,592, ,498 24,092 2, ,636 1,323,452 1,564,690 10, ,000 2,000 1,577,479 otal otal K VJ K F V

47 onthly ulletin, ug - ep illions of olars iabilities otes issue ettlement account ase money vernight deposits ther deposits otal Foreign currency bills iabilities to residents in foreign currency Government deposits in for. curr. Column Code = = ,623 97, , , ,766 35, , , , ,038 1,653, , ,423 84, , , ,922 35, , , , ,994 1,643, , ,927 84, , , ,294 34, , , , ,810 1,643, , , , , , ,922 35, ,419 99, , ,988 1,649, , , ,241 1,750 6, , ,793 36, , , , ,414 1,650, , ,324 91, , , ,515 36, , , , ,823 1,642, , ,814 86, , , ,192 36, , , , ,512 1,636, , ,953 97, , , ,888 38, , , , ,631 1,646, , ,042 91,087 8,170 5, , ,260 37, , , , ,042 1,644, , ,829 88, , , ,277 36, , , , ,686 1,649, , ,179 95, , , ,925 36, , , , ,229 1,653, , ,901 86, , , ,567 36, , , , ,101 1,662, , ,751 90, , , ,528 35, , , , ,553 1,669, , ,094 95, , , ,687 35, , , , ,974 1,676, , , , , , ,115 34, , , , ,433 1,683, , , , , , ,121 38, , , , ,611 1,670, , ,021 97, , , ,597 38, , , , ,959 1,669, , ,934 97, , , ,847 39, , , , ,910 1,678, , , , , , ,223 39, , , , ,693 1,692, , , , , , ,589 40, , , , ,420 1,696, , ,209 99, , , ,488 45, , , , ,980 1,702, , ,290 94, , , ,296 46, , , , ,124 1,671, , , , , , ,340 44, , , , ,294 1,675, , , , , , ,142 44, , , , ,703 1,647, , ,473 94, , , ,087 46, , , , ,311 1,646, , , , , , ,980 39, , , , ,529 1,608, , , , , , ,972 43, , , , ,522 1,599, , ,106 95, , , ,958 44, , , , ,130 1,593, ,739 20, , , , , ,446 44, , , , ,738 1,601, ,335 21, ,498 95, , , ,711 57, , , , ,770 1,605, ,811 30, ,785 89, , , ,735 54, , , , ,730 1,579, ,774 29, ,545 93, , , ,569 53, , , , ,072 1,592, ,987 29, , , , , ,746 56, , , , ,593 1,577, ,277 29, ,473 94, , , ,087 46, , , , ,311 1,646, , , , , , ,980 39, , , , ,529 1,608, , , , , , ,972 43, , , , ,522 1,599, , ,106 95, , , ,958 44, , , , ,130 1,593, ,739 20, , , , , ,446 44, , , , ,738 1,601, ,335 21, ,498 95, , , ,711 57, , , , ,770 1,605, ,811 30, ,785 89, , , ,735 54, , , , ,730 1,579, ,774 29, ,545 93, , , ,569 53, , , , ,072 1,592, ,987 29, , , , , ,746 56, , , , ,593 1,577, ,277 29,017 ther otal Government time deposits olar denominated bills et other liabilities otal ff balance items uy / sell foreign exchange swap ell / buy foreig exchange swap K VJ K F V Y K

48 K VJ K F V F C R K 2.1. ank of lovenia nterest Rates ombard loan Repo (7-day) anks' reserves vernight deposit n ank of lovenia ills n n n n r r r r r r r r n tolpec Koda ,33-1, ,67 6,79 6, , ,00-1, ,16 5,28 5,41 4,14 4,47 4,65 48, ,50-1,00-12,78-4,23 4,24 4,29 5,63 5,67 5,70 32, ,00-1,00-13,27-3,11 3,10 3,10 5,30 5,33 5,34 27, ,00-1,00-12,98 14,33 3,17 3,20 3,23 5,55 5,61 5,62 26, ,00-1,00-10,40 12,39 3,36 3,40 3,42 5,40 5,40 5,39 26, ,00-1,00-7,13 9,08 2,75 2,80 2,83 5,16 5,25 5,30 20, ,67 9,56 1,00-8,19 9,35 4,16 4,23 4,29 6,29 6,37 6,40 24, ,75 11,02 1,00 4,92 10,42 11,16 4,08 4,04 4,00 3,55 3,52 3,50 27, ,96 9,61 1,00 4,00 8,44 9,72 3,14 3,14 3,15 1,60 1,62 1,65 21, ,77 8,03 1,00 3,69 6,92 7,44 2,17 2,15 2,13 1,03 1,03 1,03 18, ar. 9,75 9,27 1,00 4,00 7,50 8,29 2,38 2,34 2,31 1,08 1,06 1,04 19,55 pr. 9,75 8,53 1,00 4,00 7,50 8,20 2,38 2,34 2,31 1,13 1,12 1,11 19,76 ay 9,00 8,32 1,00 4,00 7,25 7,71 2,18 2,15 2,11 1,13 1,12 1,11 18,31 Jun. 8,25 7,28 1,00 4,00 6,50 6,59 1,98 1,97 1,95 0,87 0,85 0,84 17,00 Jul. 8,25 7,25 1,00 3,50 6,50 6,65 1,98 1,97 1,95 0,94 0,93 0,93 17,00 ug. 8,25 7,34 1,00 3,50 6,50 6,61 1,98 1,97 1,95 0,95 0,96 0,98 17,00 ep. 8,25 7,26 1,00 3,50 6,50 6,66 1,98 1,97 1,95 0,95 0,96 0,98 17,00 ct. 8,00-1,00 3,50 6,25 6,90 1,98 1,97 1,95 0,95 0,96 0,98 17,00 ov. 7,50-1,00 3,25 6,00 6,70 1,99 1,99 2,02 0,99 1,00 1,04 17,00 ec. 7,25 6,77 1,00 3,00 6,00 6,48 1,99 1,99 2,02 0,99 1,00 1,04 17, Jan. 7,00-1,00 2,75 5,75 5,71 1,93 1,94 1,95 0,95 0,97 1,00 15,50 Feb. 6,75 5,87 1,00 2,75 5,50 5,01 1,88 1,89 1,90 0,93 0,95 0,95 15,50 ar. 6,75 5,50 1,00 2,75 5,25 5,50 1,88 1,89 1,90 0,93 0,95 0,95 15,50 pr. 6,25 5,00 1,00 2,50 4,75 5,00 1,98 1,98 1,98 1,05 1,06 1,09 15,50 ay 5,75 4,85 1,00 2,25 4,50 4,75 2,00 2,01 2,03 1,11 1,22 1,31 15,50 Jun. 5,00 4,40 1,00 2,25 4,00 4,25 2,02 2,05 2,08 1,33 1,49 1,61 15,50 Jul. 5,00 4,25 1,00 2,25 4,00 4,20 2,02 2,04 2,05 1,48 1,59 1,68 15,50 ug. 5,00 4,25 1,00 2,25 4,00 4,20 2,02 2,04 2,05 1,60 1,66 1,72 15,50 n UR n U umber of days umber of days umber of days General legal penal rate 2.2. nterbank oney arket Rates and ndexation Clause nterbank arket Revaluation Clauses Foreign xchange Clauses vernight olar ndexation Clause ill 30 days () UR U monthly annualized monthly annualized monthly annualized Column Code ar pr ay Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug onthly ulletin, ug - ep 2004

49 onthly ulletin, ug - ep verage Commercial anks nterest Rates (olar ndexation Clause) Working capital loans r pread hort term loans n 3 Consumer credits r 4 pread 5 n 6 ending For capital assets r 7 pread 8 ong term loans n 9 For population housing programm r 10 pread 11 n 12 emand deposits n 13 ill 30 days days days 181 days - 1 year ver 1 year n pread r pread n r pread n r pread n r pread n Column Code pread eposits ime deposits 2002 ep ct ov ec Jan Feb ar pr ay Jun Jul ug ep ct ov ec Jan Feb ar pr ay Jun Jul ug K VJ K F V F C R K

50 F C R K.- 22 onthly ulletin, ug - ep verage Commercial anks nterest Rates (Foreign xchange ndexation Clause) hort term working capital loans ending ong term loans for capital assets Foreign exchange deposits (UR) emand deposits r() pread n r() pread n r() pread r() pread ime r() 11 Column Code ,4 3,7 50,5 19,7 3,3 50,8 2,9 1,0 6,5 0, ,7 1,4 35,7 8,6 0,8 36,8 9,9 0,8 38,4 9,9 0,9 38, ,8 3,8 25,0 17,1 3,7 25,3 2,6 0,5 5,2 0, ,5 2,0 15,1 8,3 1,6 15,9 9,0 1,8 16,6 10,7 1,1 18, ,3 2,7 23,6 15,3 2,8 24,7 2,3 0,5 4,8 0,9 2,8 0,0 11,2 5,8 1,5 14,5 6,5 1,3 15,1 7,4 0,9 16,1 8,8 0,8 17, ,2 3,1 16,6 13,1 2,7 17,6 1,5 0,3 3,1 0,4 0,5 0,0 4,4 3,9 1,2 8,0 4,4 1,1 8,5 5,1 0,7 9,2 6,4 0,9 10, ,2 3,0 15,6 12,4 2,7 16,8 1,4 0,3 3,1 0,5 0,2 0,0 4,1 3,2 0,9 7,3 3,7 0,9 7,8 4,2 0,9 8,3 5,7 1,3 9, ,4 2,8 11,7 10,5 2,2 12,9 1,4 0,3 3,1 0,5 0,1 0,0 2,3 1,7 0,2 3,9 2,5 0,2 4,7 3,0 0,2 5,2 4,3 0,7 6, ,3 1,8 12,4 8,6 1,4 13,8 1,1 0,3 2,4 0,6 0,1 0,0 4,9 0,9 0,1 5,7 1,9 0,1 6,7 2,4 0,2 7,3 4,0 0,9 9, ,2 1,9 15,0 8,8 1,6 16,6 0,9 0,2 3,2 1,3 0,1 0,0 7,3 0,9 0,0 8,2 2,0 0,1 9,4 2,8 0,1 10,2 4,5 1,1 12, ,9 1,3 12,0 8,1 0,9 13,2 0,8 0,2 3,0 1,1 0,1 0,0 4,8 1,2 0,1 5,9 2,5 0,1 7,3 3,4 0,2 8,2 4,7 1,0 9, ,9 1,5 11,1 7,7 0,9 12,0 0,7 0,1 2,3 0,9 0,1 0,0 4,1 1,5 0,1 5,6 2,5 0,1 6,6 3,2 0,2 7,3 3,8 0,8 8, ,0 0,7 9,0 6,9 1,3 9,9 0,6 0,1 1,6 0,6 0,5 0,2 3,3 1,8 0,2 4,6 2,2 0,1 5,1 2,7 0,2 5,6 2,5 0,5 5,3 ill 30 days 2002 ep. 6,9 1,8 10,4 7,5 1,2 11,1 0,8 0,2 2,2 0,9 0,2 0,1 3,5 1,8 0,1 5,2 2,8 0,1 6,1 3,4 0,2 6,8 3,6 0,7 7,0 ct. 6,7 1,8 10,5 7,5 1,2 11,4 0,8 0,2 2,1 0,8 0,2 0,1 3,8 1,9 0,2 5,6 2,7 0,1 6,4 3,5 0,2 7,2 3,6 0,7 7,4 ov. 6,9 1,9 10,6 7,5 1,2 11,2 0,8 0,2 2,1 0,8 0,2 0,1 3,6 1,9 0,2 5,4 2,7 0,2 6,3 3,5 0,2 7,0 3,4 0,7 7,0 ec. 6,4 0,7 9,9 7,5 1,3 11,0 0,8 0,2 2,0 0,7 0,2 0,1 3,4 2,0 0,2 5,3 2,8 0,1 6,1 3,4 0,2 6,8 3,4 0,7 6, Jan. 6,3 0,7 10,3 7,4 1,3 11,4 0,7 0,2 1,9 0,7 0,2 0,1 4,0 2,0 0,2 5,8 2,7 0,1 6,5 3,3 0,2 7,2 3,2 0,7 7,0 Feb. 6,3 0,7 9,8 7,3 1,3 10,8 0,7 0,2 1,9 0,7 0,2 0,1 3,6 1,8 0,2 5,2 2,6 0,1 6,0 3,2 0,2 6,6 3,0 0,6 6,4 ar. 6,2 0,7 9,3 7,2 1,3 10,4 0,7 0,2 1,8 0,6 0,3 0,2 3,2 1,7 0,2 4,7 2,2 0,3 5,3 3,0 0,2 6,0 3,0 0,6 6,0 pr. 6,1 0,7 8,9 7,2 1,3 10,0 0,6 0,1 1,7 0,6 0,3 0,2 2,9 1,7 0,2 4,4 2,4 0,1 5,1 3,0 0,2 5,7 2,9 0,6 5,6 ay 6,0 0,6 9,2 7,1 1,2 10,3 0,6 0,1 1,7 0,6 0,3 0,2 3,3 1,7 0,3 4,8 2,4 0,1 5,5 3,0 0,2 6,1 2,9 0,6 6,0 Jun. 5,9 0,7 8,9 7,1 1,3 10,2 0,6 0,1 1,6 0,6 0,6 0,2 3,5 1,7 0,3 4,6 2,2 0,2 5,1 2,8 0,2 5,7 2,4 0,5 5,3 Jul. 5,9 0,7 9,3 6,9 1,7 10,4 0,5 0,1 1,4 0,5 0,5 0,1 3,8 1,7 0,2 5,1 2,1 0,1 5,5 2,6 0,2 6,0 2,3 0,5 5,7 ug. 5,8 0,6 8,7 6,4 1,3 9,4 0,5 0,1 1,4 0,5 0,6 0,2 3,4 1,8 0,2 4,6 2,1 0,2 4,9 2,5 0,2 5,3 2,0 0,5 4,8 ep. 5,9 0,6 7,2 6,5 1,3 7,9 0,5 0,1 1,4 0,6 0,7 0,2 2,0 1,8 0,1 3,1 2,1 0,2 3,4 2,4 0,2 3,8 1,9 0,4 3,3 ct. 5,8 0,6 8,7 6,4 1,3 9,3 0,5 0,1 1,4 0,6 0,7 0,2 3,5 1,9 0,1 4,6 2,0 0,1 4,8 2,3 0,2 5,1 1,9 0,4 4,7 ov. 5,8 0,7 8,6 6,8 1,3 9,5 0,5 0,1 1,4 0,6 0,8 0,2 3,4 1,9 0,1 4,6 2,1 0,1 4,7 2,3 0,1 4,9 2,0 0,4 4,7 ec. 6,0 0,6 8,5 6,8 1,3 9,3 0,4 0,1 1,4 0,6 0,8 0,2 3,2 1,8 0,2 4,2 1,9 0,1 4,4 2,1 0,2 4,5 1,9 0,4 4, Jan. 5,9 0,6 8,8 6,5 1,0 9,4 0,4 0,1 1,4 0,6 0,8 0,2 3,5 1,7 0,1 4,5 1,8 0,1 4,6 1,9 0,1 4,7 2,3 0,3 5,1 Feb. 5,8 0,7 7,6 6,3 1,0 8,1 0,4 0,1 1,3 0,5 0,6 0,2 2,3 1,6 0,1 3,4 1,7 0,1 3,5 1,8 0,1 3,6 2,5 0,3 4,2 ar. 5,8 0,6 8,0 6,3 0,9 8,4 0,4 0,1 1,3 0,5 0,7 0,2 2,8 1,6 0,1 3,7 1,7 0,1 3,8 1,8 0,1 3,9 2,5 0,3 4,5 pr. 5,6 0,6 7,4 6,1 1,0 7,9 0,4 0,1 1,3 0,6 0,7 0,2 2,5 1,6 0,1 3,4 1,7 0,1 3,4 1,7 0,1 3,5 2,3 0,3 4,1 ay 5,6 0,6 7,3 6,1 1,0 7,8 0,4 0,1 1,4 0,6 0,7 0,2 2,3 1,7 0,1 3,3 1,7 0,1 3,3 1,8 0,1 3,4 2,4 0,3 4,0 Jun. 5,6 0,7 8,4 5,9 1,1 8,7 0,4 0,1 1,4 0,6 0,8 0,2 3,4 1,7 0,1 4,4 1,7 0,1 4,4 1,8 0,1 4,5 2,4 0,3 5,1 Jul. 5,6 0,7 9,2 6,0 1,1 9,6 0,4 0,1 1,4 0,6 0,8 0,2 4,2 1,7 0,1 5,1 1,6 0,1 5,1 1,8 0,1 5,2 2,4 0,3 5,8 ug. 5,5 0,7 5,5 5,9 1,2 5,9 0,4 0,1 1,4 0,7 0,7 0,2 0,7 1,7 0,1 1,7 1,6 0,1 1,6 1,8 0,1 1,8 2,4 0,3 2,4 pread 12 n 13 r() days pread 15 eposits n 16 r() 17 ime deposits days 181 days - 1 year ver 1 year pread 18 n 19 r() 20 pread 21 n 22 r() 23 pread n 25 K VJ K F V

51 K VJ K F V 2.4. nterest Rates on ew oans olar loans oans in UR hort term loans ong term loans hort term loans ong term loans Consumer loans to household oans to nonfinancial corporations for current liabilities Consumer loans to households House purchases loans to households oans to nonfinancial corporations for current liabilities oans to nonfinancial corporations for capital assets oans to nonfinancial corporations for current liabilities oans to nonfinancial corporations for capital assets n n n n n n n n n r r Column Code Jan Feb ar pr ay June July ug ept ct ov ec Jan Feb ar pr ay June July ug F C R K onthly ulletin, ug - ep

52 K VJ K F V F C R K verage Commercial anks nterest Rates on the asis of nterest ncome and nterest xpenses (olar ndexation Clause) Column Code hort term loans r 1 h 2 ending ong term loans r 3 n 4 eposits emand ime deposits deposits ill 30 days 31 days - 1 year ver 1 year n r V V V V n 5 n r 6 7 n verage Commercial anks nterest Rates on the asis of nterest ncome and nterest xpenses (Foreign xchange ndexation Clause) hort term loans ending ong term loans eposits ime deposits 31 days - 1 year ver 1 year r() n r() n r() n r() n Column Code ,7 13,5 8,7 14,4 4,8 9,6 6,6 10, ,1 9,4 7,6 9,2 3,0 2,9 5,9 8, ,9 11,4 6,9 12,2 1,7 7,3 5,1 10, ,9 13,6 6,9 14,7 2,1 9,5 5,1 12, ,7 10,7 7,0 12,2 2,9 8,0 5,3 10, , ,3... 7,4... 9, ,0... 8,4... 6,2... 6, ,9 16,3 6,6 16,8 1,9 11,4 4,8 15,1 5,5 13,2 6,9 15,1 2,0 9,6 4,9 13,2 5,9 12,7 7,1 14,1 2,2 8,9 5,2 12,2 V 6,2 12,0 7,0 12,7 2,3 8,0 5,4 11, ,0 14,1 7,2 14,9 2,5 10,2 5,5 13,1 5,9 10,3 7,0 11,5 2,7 7,7 5,2 9,7 5,6 9,4 7,0 11,3 3,1 7,3 5,3 9,6 V 5,4 9,1 7,0 10,9 3,1 6,8 5,1 8, ,4 10,4 6,3 11,6 3,1 8,5 5,0 10,4... 9, ,4... 7,3... 9,0... 8,0... 9,9... 6,8... 8,7 V... 8,3... 9,5... 7,1... 8, ,6... 9,2... 6,6... 7,6... 7,1... 8,5... 6,6... 6,7... 6,7... 8,1... 6,0... 6,2 V... 6,7... 8,0... 5,8... 6, ,6... 7,5... 4,7... 6,0... 6,6... 7,1... 4,5... 5, onthly ulletin, ug - ep 2004

53 onthly ulletin, ug - ep Government hort - term ecurities Rates Government security ssued aturity nterest rate ssued capital Currency of the issue ndexation of the principal Currency of the payments 1,000 10, ,000 reasury ills - 1 month 165 issue % 7,020,000, issue % 7,000,000, issue % 7,010,000, issue % 7,000,000, issue % 7,020,000, issue % 7,040,000, issue % 7,030,000, issue % 7,020,000, issue % 7,010,000, reasury ills - 3 months 73 issue % 7,000,010, , issue % 7,000,010, , issue % 7,000,000, , issue % 7,000,010, , reasury ills - 6 months 27 issue % 7,000,000, , issue % 7,000,000, , issue % 7,000,000, , issue % 7,000,010, , reasury ills - 12 months 20 issue % 5,000,000, , issue % 5,000,010, , issue % 5,000,020, , issue % 6,000,010, , issue % 6,000,000, , issue % 6,500,000, , issue % 6,500,010, , n case of dematerialised securities, the interest rate is applied from the day of issue umber of issued securities 10 mln 50 mln 100 mln K VJ K F V F C R K

54 K VJ K F V F C R K Government ong - term ecurities Rates Government security ssued aturity nterest rate ssued capital Currency of the issue ndexation of the principal Currency of the payments Government securities R ,00% %PC R ,50% R ,55% UR - R ,70% R ,00% UR - R ,00% R ,70% R ,00% UR - R ,70% R ,375% UR - R ,70% R ,20% R ,375% UR - R ,70% R ,375% UR - R ,00% UR - R ,20% R ,20% R ,00% R ,00% R ,625% UR - R ,00% R ,90% R ,90% R , R ,00% R ,65% R , R ,00% R ,25% R ,75% UR - R ,75% UR - R ,50% UR - R ,75% R ,25% R ,875% UR - R ,75% R ,00% R ,875% R ,875% R15U ,50% urobonds UR - UR ,375% UR - UR UR - UR ,875% UR - UR UR - UR ,00% UR - UR UR - UR ,375% UR - UR F U U-R + 13/16% U - U F UR UR-R + 13/16% UR - UR n case of dematerialised securities, the interest rate is applied from the day of issue onthly ulletin, ug - ep 2004

55 K VJ K F V etwork of Commercial anks o. Region 2 Commercial banks (Head offices) 1 etwork 3 ( ) ranch gency otal 1 Pomurska Podravska Koroška avinjska Zasavska podnjeposavska Jugovzhodna lovenija srednjeslovenska Gorenjska otranjsko-kraška Goriška balno-kraška umber of employees in commercial banks o. Region ,317 10,417 emo item: population4 ( ) s ( ) F P ( ) 1 Pomurska 123, ,779 2 Podravska 319, ,092 3 Koroška 73, avinjska 256, ,206 5 Zasavska 45, podnjeposavska 70, ,201 7 Jugovzhodna lovenija 138, ,076 8 srednjeslovenska 495, ,972 9 Gorenjska 197, , otranjsko-kraška 50, Goriška 119, , balno-kraška 105, ,006 otal 1,996,433 1,272 32,496 10,386 10,445 10, , , ,397 F C R K umber of banks units in local communities by statistical region of R onthly ulletin, ug - ep